UPDATE 1-Toronto stocks weak, eyes on impending Fed rate cut

Mon Jan 28, 2008 10:09am EST
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TORONTO Jan 28 (Reuters) - Toronto's main stock market fell on Monday on weak commodities, amid caution ahead of a U.S. interest rate decision later in the week.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 84.70 points, or 0.7 percent, at 12,810.87 after earlier touching a low of 12,774.75.

All 10 of the TSX index's main groups were lower, led by a 0.8 percent dip in energy shares and a 1.3 percent drop in the telecommunications sector. Materials shares were off 0.2 percent.

Energy shares fell as crude oil prices slid nearly 2 percent to $88.90 a barrel on profit-taking spurred by worries over the health of the global economy.

Meanwhile, base metals fell, led by copper on fears a possible recession in the United States could dwindle demand.

Among the early decliners were Suncor Energy SU.TO which dropped C$1.70 to C$88.38 and Inmet Mining IMN.TO which fell C$1.43 to C$66.53.

Telecom heavyweight BCE Inc BCE.TO was off 94 Canadian cents at C$35.35. ($1=$1.01 Canadian) (Reporting by Scott Anderson; Editing by Bernadette Baum)