November 13, 2017 / 2:53 AM / a year ago

Nikkei drops to 1-week low; real estate, brokers weak

TOKYO, Nov 13 (Reuters) - Japan's Nikkei dropped to a one-week low on Monday morning as many sectors including real estate firms and brokers languished after a recent rally, offsetting gains in companies with strong results such as Nissin Foods.

The Nikkei declined 0.7 percent to 22,522.61 in midmorning trade after hitting as low as 22,474.16, the lowest since Nov. 6.

Big losers included real estate firms, brokerage firms and construction companies, with Mitsui Fudosan shedding 3.0 percent, Mitsubishi Estate Co falling 1.7 percent, Nomura Holdings declining 2.3 percent and Taisei Corp tumbling 1.6 percent.

Bucking the weakness, instant food maker Nissin Foods Holdings Co rose 6.2 percent to a record high of 7,700 yen after its April-Sept net profit jumped 15.5 percent to 14.11 bln yen ($124.2 million).

Mitsui Mining and Smelting Co jumped 10 percent to a 10-year high of 6,550 yen after it raised its net profit forecast to 24 billion yen ($211.1 million) for the fiscal year ending March 2018 from previously forecast 20 billion yen.

Tech shares also lost ground, with Tokyo Electron and Advantest both shedding 0.8 percent.

The broader Topix dropped 0.5 percent to 1,791.67. (Reporting by Ayai Tomisawa; Editing by Shri Navaratnam)

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