Tokyo stocks end flat
TOKYO, Japan (Reuters) -- Japanese stocks ended flat on Thursday in quiet holiday trade but the first case of mad cow disease in the United States kept McDonald's Holdings (Japan) and other beef-related shares under pressure.
Hopes of fresh buying from several investment trust funds that were launched this week helped keep a lid on losses.
Traders also said Wall Street's relatively calm response to the mad cow case provided some comfort.
"The Nasdaq did not seem to be affected by the mad cow case and there is a strong sense in the market that Japanese stocks will rise in the New Year,"said Katsuhiko Kodama, head of equities at Toyo Securities Co Ltd.
The benchmark Nikkei average ended down 0.06 percent at 10,365.35 after meandering in a tight range between 10,311.60 and 10,367.68.
The broader TOPIX index edged up 0.10 percent to 1,012.93.
McDonald's Holdings extended Wednesday's loss, ending down 4.59 percent at 2,080 yen. Yoshinoya D&C, a beef-bowl chain restaurant operator, fell 2.6 percent to 150,000 yen.
Nippon Meat Packers Inc, already hurt by the mad cow case, tumbled 6.74 percent to 997 yen after the meat processor said on Wednesday that one of its subsidiaries had used an unauthorised pig vaccine.
But seafood firms climbed on expectations that the mad cow scare would boost demand for fish products.
Kyokuyo Co jumped 8.11 percent to 160 yen and Maruha Corp rose 4.4 percent to 141 yen.
Some bank shares attracted demand with about 10 investment funds being launched this week.
Mizuho Financial added 2.42 percent to 296,000 yen and UFJ Holdings climbed 3.44 percent to 481,000 yen.
Other winners included sea transport shares as investors bet that robust demand in China and other Asian countries would help shippers' revenue.
"In addition to the boom in Asia, shipping firms have gone through mergers and their competitiveness has improved," said Hiroichi Nishi, general manager of equity marketing at Nikko Cordial Securities Inc.
Nippon Yusen, which on Wednesday said it would invest $7.17 billion over five years in 160 new vessels to meet demand, rose 3.51 percent to 472 yen, six percent below its year high of 506 yen marked in October.
Likewise, Mitsui O.S.K. Lines gained 0.4 percent to 505 and Kawasaki Kisen Kaisha was up 0.78 percent at 520 yen after earlier hitting a 12-year high of 527 yen.
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