CANADA STOCKS-TSX falls as Dubai debt concerns rattle banks

Thu Nov 26, 2009 5:00pm EST
 
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 * 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))
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