By Brad Frischkorn TOKYO--Tokyo stocks fell a fraction Wednesday, as a largely unchanged dollar invited profit-taking, while a selloff in major construction shares such as Taisei Corp. offset strong earnings-based performers such as Sumitomo Mitsui Financial Group and Pioneer. The market is now looking to business results on Thursday from Mitsubishi UFJ Financial Group and Mizuho Financial Group, Japan's remaining two megabanks. The Nikkei Stock Average slipped 21.52 points, or 0.2%, to 14,567.16 following the prior session's 2.2% rise. The Topix index of all the Tokyo Stock Exchange First Section issues also fell 1.22 points, or 0.1%, to 1204.19 with 15 of 33 subindexes ending in negative territory. Participation levels were slightly more robust than seen in recent sessions, as 2.67 billion shares worth Y2.0 trillion changed hands. The market has had difficulty topping the Y2 trillion mark lately, considered by many traders as a bellwether sign of investor interest, especially from overseas. "A break in the dollar's recent advance allowed for some necessary stock market consolidation," said Yoshihiro Okumura, general manager at Chibagin Asset Management, noting the Nikkei's 3.5% rise on Monday and Tuesday. "But a near-term break of the Y100 mark for the greenback and more upside for stocks is certainly not out of the question," he added. Traders pointed to a stronger dollar-friendly U.S. Treasury 10-year yield, currently trending at about 2.752%. The U.S. currency was at Y99.46 as of the close of TSE trading at 0600 GMT, compared with Y99.50 at the same time the previous day. Heavily weighted and indexed shares lost ground, with KDDI slipping 2.0% to Y5,850 after surging almost 9% over the last two days. SoftBank also lost 0.9% to Y7,510. Sharply weaker shares of general contractors also dragged on the market after negative appraisals of their collective earnings results. Taisei dropped 3.1% to Y469, Obayashi Corp. lost Y4.4% to Y562, and Kajima Corp. ended down 4.4% at Y372. All revised down their full-year guidance as gross margins fell more than initial targets, noted Deutsche Bank analyst Yoji Otani. Looking forward, their numbers are unlikely to improve sharply because rising labor costs are offsetting efforts to boost order prices amid the scheduled national consumption tax hike to 8% from 5% next April, he added. The negativity offset a positive reaction to Sumitomo Mitsui Financial Group's earnings results, delivered after the Tuesday market close. The bank's shares added 1.6% to Y4,945 after its first half net profit rose 53% to Y505.71 billion from Y331.04 billion a year ago. It also raised its full-year net profit guidance to Y750 billion from Y580 billion, prompting hopes for a dividend hike. Shares of Pioneer were the second most traded on the exchange after its first half results surprised the street. Its Y236.3 billion in sales, Y600 million in operating profit and narrowed net loss of Y5.0 billion all came in better-than-expected. Shares surged 22% to Y202. Among other positive performers, Taiheiyo Cement gained 4.9% to Y431 after its operating profit of Y27.44 billion for the first fiscal half beat its own Y25.0 billion guidance. It also revised up its full-year operating profit target to Y64.0 billion, near the top of the consensus range. December Nikkei 225 futures closed up 50 points, or 0.3%, to 14,600 on the Osaka Securities Exchange.

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