CANADA STOCKS-TSX slumps as commodity prices tumble

Tue Jan 12, 2010 12:50pm EST
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TORONTO Jan 12 (Reuters) - Toronto's main stock index sagged more than 1 percent at midday on Tuesday as resource prices dropped after China took its strongest step yet towards tightening monetary policy.

The Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was down 129.48 points, or 1.08 percent, at 11,817.65. Nine of the index's 10 main groups were lower, led by a 2.5 percent fall in materials and a 1.5 percent tumble in energy.

China rocked global financial markets with a surprise increase in banks' required reserves, a move that hit gold and platinum prices and knocked the euro lower versus the U.S. dollar. (Reporting by Ka Yan Ng; editing by Rob Wilson)