*Nikkei dips 0.1 pct, exporters lead fall on economic oulook
*Energy stocks and drugmakers gain
*Failure of Sohken Homes hurts other property stocks
(Adds stocks and comments)
By Taiga Uranaka
TOKYO, Aug 27 (Reuters) - The Nikkei average dipped 0.1
percent on Wednesday, led lower by exporters like Honda Motor Co
Ltd <7267.T> amid concerns about the global economic outlook
while property shares dropped after the collapse of another
builder.
The market's fall was cushioned after gains in oil prices
lifted energy shares such as oil and gas explorer Inpex Holdings
Inc <1605.T>. Drugmakers like Eisai Co Ltd <4523.T> attracted
investors looking for stocks considered less vulnerable to an
economic downturn.
Market moves were stuck within a narrow range as investors
lacked cues.
"It's hard to find a direction. In the absence of market
moving factors and given the thin trade, the market has been
pulled down by gravity," said Kenichi Hirano, operating officer
at Tachibana Securities.
The benchmark Nikkei <> ended the morning down 14.70
points at 12,764.01. The broader Topix <> lost 0.3 percent
to 1,225.81.
The global economy was on the receiving end of more bad news
on Tuesday with a barrage of euro zone data suggesting economic
weakness has spread beyond the United States.
The Ifo German business climate index in August fell more
than expected to a three-year low while German gross domestic
product shrank in the second quarter for the first time since
2004.
Honda fell 1.9 percent to 3,540 yen and Toyota Motor Corp
<7203.T> shed 2.5 percent to 4,780 yen, both among the biggest
drags on the Nikkei.
PROPERTY STOCKS HIT
Sohken Homes Co <8911.T> filed for court protection from
creditors with 33.8 billion yen ($308 million) in debt.
[]. It was the latest in a string of collapses in the
property and construction sectors and weighed on sentiment.
Among other property stocks, Suncity Co Ltd <8910.T> was
awash with sell orders and Touei Housing <8875.T> plunged 7.4
percent to 264 yen.
Sohken was untraded with a glut of sell orders at 14,100 yen,
down or 12.4 percent from Tuesday's close.
Japan's top three real estate firms were mixed, with Mitsui
Fudosan Co Ltd <8801.T> up 1.7 percent at 2,335 yen, Mitsubishi
Estate Co Ltd <8802.T> down 1.7 percent at 2,385 yen and Sumitomo
Realty & Development Co Ltd <8830.T> down 1.3 percent at 2,215
yen.
Energy shares gained after U.S. crude oil futures ended
higher for a second day in a row on concerns that a storm could
disrupt U.S. oil and natural gas installations in the Gulf of
Mexico. []
Inpex climbed 2 percent to 1.15 million yen. Trading house
Mitsui & Co <8031.T> gained 1.8 percent to 1,791 yen.
Eisai jumped 4.2 percent to 4,180 yen and rival drugmaker
Takeda Pharmceutical Co Ltd <4502.T> gained 1.8 percent to 5,740
yen, becoming the top two contributors to the Nikkei.
Trade remained thin, with 621 million shares changing hands
compared to last week's morning average of 784 million.
Decliners outpaced advancers by more than 2 to 1.
(Editing by Edwina Gibbs)
