TOKYO, Nov 8 (Reuters) - Japan's Nikkei share average closed lower on Wednesday, giving up early gains as investors sold value stocks, although gains in growth stocks limited losses.

The Nikkei closed down 0.33% at 32,166.48, after opening 0.75% higher.

"Investors sold shares that are linked to the economy, or value stocks, to lock in profits as they braced for an economic slowdown," said Ikuo Mitsui, fund manager at Aizawa Securities.

"There was a sign that investors started shifting their target to growth stocks such as chip-related, from value shares, on concerns U.S. monetary tightening could hurt the economy. Today's market was a reflection of that move," Mitsui added.

The sell-off came after the Nikkei rose more than 6% in a four-session growth streak that lasted till Monday.

Oil refiners lost 6.11% to become the worst performer among the Tokyo Stock Exchange's 33 industry sub-indexes. Eneos Holdings slipped 6.85%.

Energy explorers lost 5.29%.

The banking index, another gauge for performance of value stocks, lost 4.75%.

The broader Topix index lost 1.16% to 2,305.95, with Mitsubishi UFJ Financial Group losing 4.17%.

Topix's value index lost 2.07%, while its growth index edged down 0.2%.

Uniqlo-brand owner Fast Retailing, one of the growth stocks, rose 1.22% and was the biggest support for the Nikkei, while chip-testing equipment maker Advantest rose 1.93%.

Nintendo jumped 6.09% after the gaming firm raised its operating profit forecast by 11% for the financial year ending March.

Mazda Motor surged 10.39% after the automaker raised its annual operating profit forecast on the back of a weakened yen. (Reporting by Junko Fujita; Editing by Subhranshu Sahu and Varun H K)