UPDATE 1-Toronto stocks drop on profit-taking, resources

Tue May 13, 2008 10:31am EDT
 
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* Toronto stocks retreat from record high

* Materials and energy shares lead decline

* Financials and telecommunications cushion the blow

(Adds details)

TORONTO, May 13 (Reuters) - Toronto's main stock market index retreated on Tuesday as weak commodity prices and profit-taking knocked it off the record high it hit on Monday.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 79.17 points, or 0.5 percent, at 14,586.90 at midmorning. Earlier in the session it fell as low as 14,553.06.

On Monday the index ended up 144.88 points at a new closing high of 14,666.07 after reaching a record high of 14,695.75.

"It's all profit-taking today," said Peter Byrne, a trader at Dundee Securities. "I don't know if you're going to see a dramatic move down, but you will see some money off the table for now."

Seven of the TSX index's 10 main groups were lower, led by a 2 percent drop in the commodities-heavy materials group and a 1.1 percent fall in the big energy group.   Continued...