CANADA STOCKS-TSX drops on commodity pressure, Dubai worry

Thu Nov 26, 2009 10:31am EST
 
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 * TSX falls 1.21 percent to 11,496.49
 * Dubai debt worry ripples across markets
 * Volume seen light in Canada with U.S. markets closed
 (Adds details)
 By Ka Yan Ng
 TORONTO, Nov 26 (Reuters) - Toronto's main stock index fell
hard on Thursday morning as resource stocks were knocked lower
by retreating oil and gold prices, while debt worries in Dubai
made waves across financial markets.
 The price of gold fell from a record high hit earlier as
the U.S. dollar rebounded, while oil fell toward $77 a barrel,
in line with falls across financial markets. [GOL/] [O/R]
 Global markets were slammed by news of debt problems in
Dubai, triggering widespread concern about the once-booming
Gulf region's financial health, which added to general
nervousness about the state of the world economy. [MKTS/GLOB]
[ID:nGEE5AP167]
 "This is a center that affects the Persian Gulf. There's a
lot of nervousness: Will it spread out there? There's a bit of
a scary, psychological effect," said Sal Masionis, stockbroker
at Brant Securities.
 Masionis also said the TSX has enjoyed a good rally so
profit-taking would not be out of the ordinary. Entering the
session, the TSX was up about 7 percent on the month.
 Oil company Suncor Energy (SU.TO: Quote) fell 1.4 percent to
C$38.38, while miner Goldcorp (G.TO: Quote) dropped 1.9 percent to
C$45.62.
 Banking stocks were among the hardest hit in the wake of
the Dubai news. Royal Bank of Canada (RY.TO: Quote) was the biggest
drag on the index, down 1.4 percent at C$56.40, followed by
Toronto-Dominion Bank (TD.TO: Quote), off 1.34 percent at C$66.28.
 At 10:10 a.m. (1510 GMT), the S&P/TSX composite index
.GSPTSE was down 140.41 points, or 1.21 percent, at
11,496.49. All 10 of the index's main groups were lower.
 Volume was expected to be light through the day with U.S.
markets closed for the Thanksgiving Day holiday, which may
exaggerate stock movements.
 ($1=$1.06 Canadian)
 (Editing by Peter Galloway)
 ((kayan.ng@thomsonreuters.com; Reuters Messaging:
kayan.ng.reuters.com@reuters.net; 416-941-8109))      
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FOR CANADIAN MARKETS NEWS, CLICK ON CODES IN BRACKETS:
TSX market report..........[.TO]
Canadian dollar and bonds report....[CAD/][CA/]
Top News: Canada ......[TOP/CAN]
Today in Canada.......[CA/DIARY]
Canadian company news .. [E-CAN]
Reuters global stocks poll (Canada)...EQUITYPOLL5 [EPOLL/CA]
FOR CANADIAN MARKETS DATA, CLICK ON CODES IN BRACKETS:
Canadian Equities speed guide.......<CA/EQUITY>
S&P/TSX Composite index ...............GSPTSE
S&P/TSE Venture composite index .......SPCDNX
TSX most active..........AV.TO
Venture Exchange most active.............AV.V
Top TSX pct gainers......PG.TO
Top TSX pct losers.......PL.TO
S&P/TSX 60 index .......
52 week highs:
 TSX...............t.YH.TO  Venture..............t.YH.V
52 week lows:
 TSX...............t.YL.TO  Venture..............t.YL.V
Canadian dollar quote......CAD=CAD=D3=CAD
FOR MAIN GLOBAL MARKET DATA AND MARKET REPORTS:
  FTSE EUROTOP 300 ......FTEU3  EUROPEAN REPORT .......[.EU]
  Nikkei 225..............N225  Tokyo report............[.T]
  FTSE 100................FTSE  London report...........[.L]
  Xetra DAX..............GDAXI  Frankfurt market stories[.F]
  CAC-40...FCHI  Paris market stories...[.PA]
  World Indices.......<0#.INDEX>
  Foreign exchange........[FRX/]
  Oil.......[O/R]
  US Treasuries............[US/]
  International bonds.....[EUB/]
  Gold.........[GOL/X] or [GOL/]
  CRB index of commodity futures.........[CRB/]