November 26, 2009 / 10:01 PM / 8 years ago

CANADA STOCKS-TSX falls as Dubai debt concerns rattle banks

 * TSX falls 1.72 percent to 11,436.80
 * Dubai debt worry ripples across markets  (Adds details, background)
 By Ka Yan Ng
 TORONTO, Nov 26 (Reuters) - Toronto's main stock index slumped 200 points on Thursday as debt concerns in Dubai ripped through financial markets, heightening anxiety about the stability of the world economic recovery.
 Financial stocks were among the hardest hit as investors wondered if banks had any exposure to bad debt in the Gulf. The news also triggered widespread concern about the financial health of the once-booming Mideast region. [ID:nGEE5AP167]
 Royal Bank of Canada (RY.TO) was the biggest drag on the index, down 2.3 percent at C$55.88, while Toronto-Dominion Bank (TD.TO) was off 1.99 percent at C$65.84. Bank of Nova Scotia (BNS.TO) lost 2.3 percent to 47.91.
 "Given the fantastic run that Canadian banks have had, investors would be content to take profits first and ask questions later," said Elvis Picardo, an analyst and strategist at Global Securities in Vancouver.
 Manulife Financial (MFC.TO) was the only financial services company to confirm it has no exposure to flagship holding company Dubai World and its affiliates, which had spearheaded the emirate's breakneck growth. Manulife fell 0.5 percent to C$18.50. [ID:nWNAB0131]
 The S&P/TSX composite index .GSPTSE fell 200.10 points, or 1.72 percent, to 11,436.80. Nine of the TSX's 10 main groups dropped.
 Resource stocks were also knocked lower as the price of gold retreated, while oil fell toward $76 a barrel. Top oil company Suncor Energy (SU.TO) fell 2.4 percent to C$38.01, while miner Goldcorp (G.TO) dropped 3.1 percent to C$45.10.  (Editing by Rob Wilson)  ((kayan.ng@thomsonreuters.com; Reuters Messaging: kayan.ng.reuters.com@reuters.net; 416-941-8109)) ============================================================== 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 ........TSE60 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/] 

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