Toronto stock index falls 300 points at open

Wed Oct 8, 2008 9:38am EDT
 
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TORONTO Oct 8 (Reuters) - The Toronto Stock Exchange's main index fell hard at the open on Wednesday as investors took little comfort from coordinated interest-rate cuts by central banks around the world, including the Bank of Canada, that were designed to calm financial markets.

The S&P/TSX composite index .GSPTSE tumbled 310.30 points, or 3.16 percent, to 9519.25.

The Bank of Canada unexpectedly cut its key interest rate by a half percentage point to 2.5 percent.

($1=$1.10 Canadian) (Reporting by Ka Yan Ng; Editing by Peter Galloway)