Main stock exchange plunges more than 8 percent on recession worries

Business Materials 28 October 2008 01:18 (UTC +04:00)

Canada's main stock market has closed down more than eight percent to close at its lowest level in four years, the Associated Press reported.

The Toronto Stock Exchange dropped 756.38 points or 8.14 percent to 8,537.34.

The exchange heavily weighted with oil and commodity stocks.

Canada's major five bank also dropped more than five percent each.

Falling commodity prices and economic pessimism also sent the Canadian dollar down 0.97 cent to 77.59 cents, its lowest level in four years.