CANADA STOCKS-TSX drops 2.9 pct on auto bailout defeat

Fri Dec 12, 2008 9:37am EST
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TORONTO Dec 12 (Reuters) - Toronto's main stock market index dropped almost 3 percent at the open on Friday as investors focused on the collapse of the U.S. auto bailout package and as falling commodity prices also weighed on the resource-heavy index.

Just after the open, the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 242.25 points, or 2.9 percent, at 8,149.65. ($1=$1.24 Canadian) (Reporting by Scott Anderson; editing by Peter Galloway)