TOKYO, Aug 16 (Reuters) - Japan's Nikkei index closed almost
flat on Tuesday, with energy-related stocks and shippers
weighing the most, as worries about a slowdown in the U.S. and
Chinese economies weakened sentiment.
The Nikkei share average finished 0.01% lower at
28,868.91, snapping a two-day rally that had sent it to the
highest level in more than seven months. The broader Topix
edged 0.15% lower to 1,981.96.
"The market rallied in the past (few) sessions but sentiment
has been weakened by concerns about an economic slowdown," said
Shuji Hosoi, a senior strategist at Daiwa Securities.
China's central bank on Monday cut lending rates to revive
demand as data showed the economy unexpectedly slowed in July,
with factory and retail activity squeezed by Beijing's
zero-COVID policy and a property crisis.
In Japan, oil explorers fell 1.48% and refiners
lost 1.5% after oil prices dropped on demand concerns
in China the world's top crude buyer.
Shipping firms fell 4.08% and led declines among
the Tokyo Stock Exchange's 33 industry sub-indexes.
Mitsui O.S.K. Lines lost 4.12% to become the worst
performer on the Nikkei, followed by Nippon Yusen,
which fell 4.09%, and Kawasaki Kisen Kaisha, which
SoftBank Group fell 2.56% after the Financial Times
reported activist fund Elliott Management had sold almost all of
its remaining shares in the technology start-up investor.
Istyle surged by its daily limit of 27.3% after
Amazon decided to take a 36.95% stake in the operator
of cosmetic review website @cosme.
JAFCO Group jumped 12.37% after a group of
shareholders backed by a prominent activist investor "hinted"
they could buy a majority stake in the venture capital firm.
(Reporting by Junko Fujita; editing by Uttaresh.V and