CANADA STOCKS-TSX drops 1.9 pct, down for 3rd day

Wed Jul 8, 2009 5:36pm EDT
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* TSX falls 1.94 percent to 9,653.45

* Third triple-digit decline in three days

* Eight of 10 top movers were in golds, financials (Adds details)

By Ka Yan Ng

TORONTO, July 8 (Reuters) - Toronto's main stock index fell on Wednesday for a third straight session as lower commodity prices shook the resource-heavy market, while financials again dropped on doubts about global economic recovery.

The S&P/TSX composite index .GSPTSE booked its third triple-digit decline in a row as hopes for a quick way out of recession faded fast. At one point, the index had shed more than 3 percent, hitting its lowest level in nine weeks.

"I think this is just a day where we're seeing another swing as investors get more concerned about how fast growth will be and, as a result, how strong the rebound will be," said Kate Warne, Canadian market strategist at Edward Jones in St. Louis, Missouri.

"The recent indicators have been negative and there's nothing positive to offset it. As a result, people are just feeling a bit more cautious," Warne said.

The S&P/TSX composite index closed down 190.90 points, or 1.94 percent, at 9,653.45. Nine of the 10 main TSX sectors were lower. The TSX has lost more than 6 percent this week.   Continued...