UPDATE 3-Inflation, weak oils drag down Toronto stocks

Thu Jun 19, 2008 4:35pm EDT
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(Adds comments, details, official closing data)

* TSX slumps almost 2 percent

* Energy shares fall as oil plunges almost $5 a barrel

* Inflation weighs as consumer prices continue ascent

By Wojtek Dabrowski

TORONTO, June 19 (Reuters) - The Toronto Stock Exchange's main index tumbled almost 2 percent on Thursday, as a sharp drop in the price of oil pulled energy shares lower and new inflationary fears also weighed on the market.

Eight of the 10 main groups of the benchmark finished lower, including energy, which led the declines with a fall of 4.64 percent.

The drop came as the price of U.S. crude plunged almost $5 per barrel after China said it will raise domestic fuel prices in a move likely to reduce demand in the world's second biggest consumer.

The S&P/TSX composite index .GSPTSE fell 282.98 points, or 1.88 percent, to close at 14,790.15.   Continued...