Higher prices for oil, raw materials send Tokyo stocks down

Business Materials 20 February 2008 07:15 (UTC +04:00)

( dpa )- Stocks in Tokyo fell in morning trading Wednesday on worries about rising oil and raw materials prices.

The Nikkei 225 Stock Average declined 106.27 points, or 0.77 per cent, to 13,651.64.

The broader Topix index of all first-section issues was also down 11.34 points, or 0.84 per cent, to 1,333.95.

The declines were seen after oil prices jumped over 100 dollars per barrel in trading Tuesday in New York. Also hurting stocks was a research group forecast for lower condominium sales in 2008 in Japan.

On currency markets at midday (0300 GMT), the dollar was quoted at 107.90-95 yen, up from Tuesday's 5 pm quote of 107.76-78 yen.

The euro was quoted at 1.4726-31 dollars, up from Tuesday's 5 pm quote of 1.4721-31 Dollar dollars, and at 158.93-98 yen, up from 158.76-80 yen.