UPDATE 4-Toronto stocks drop along with falling resources

Thu May 29, 2008 5:18pm EDT
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*Index dragged down by falling resource issues

*Canadian Imperial Bank of Commerce falls as reports loss

*Financials overall provide support

By Leah Schnurr

TORONTO, May 29 (Reuters) - Tumbling resource shares sent the Toronto Stock Exchange's main index lower on Thursday amid sliding commodity prices, while Canadian Imperial Bank of Commerce CM.TO helped weigh the index down after the bank reported another big quarterly loss.

Falling resource companies were responsible for the bulk of the losses, led by energy shares, which were yanked down by a steep drop in oil prices.

Canadian Natural Resources CNQ.TO slid C$3.64, or 3.7 percent, to C$95.25, and Suncor Energy SU.TO gave up C$2.00, or 2.9 percent, to C$66.89. The group as a whole shed 2.9 percent.

Oil, a key underlying commodity for the resource-heavy TSX, fell more than $4 as strength in the U.S. dollar offset a decline in U.S. stockpiles.   Continued...