UPDATE 3-Falling commodity prices take Toronto stocks lower

Mon Aug 11, 2008 5:22pm EDT
 
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* TSX index falls 1 percent as commodity prices drop

* Gold producers rattled by retreating bullion price

* Cardiome slumps after FDA requests more information

By Leah Schnurr

TORONTO, Aug 11 (Reuters) - The Toronto Stock Exchange's main index slid more than 100 points on Monday, pulled down by resource shares, which fell in tandem with commodity prices.

Drug maker Cardiome Pharma (COM.TO: Quote) was among the biggest drags on the index, losing 17.7 percent after the company said U.S. regulators had requested more information on its Kynapid treatment for a potentially fatal heart condition.

Shares of gold producers tumbled as they were rattled by a sharp drop in bullion prices as the U.S. dollar gained. Gold slumped to below $820 an ounce and shares of Barrick Gold (ABX.TO: Quote), the world's biggest producer, were down 6.4 percent.

"(Resource issues) definitely look like they're oversold, but I would say the market sentiment is still very negative, so I think they still have room to go down," Laura Lau, senior portfolio manager at Sentry Select Capital Corp.   Continued...