01/30/2013 04:55 EST | Updated 02/05/2013 12:44 EST

RIM Stock Price Drops Nearly 12 Per Cent On Day Of BlackBerry 10 Launch

TORONTO — The Toronto stock market closed lower as Research In Motion stock fell following the launch of its long-awaited BlackBerry 10 products and data showing a surprising weakening of the U.S. economy in the fourth quarter.

The S&P/TSX composite index fell 36.11 points to 12,794.44.

RIM stock closed down 11.78 per cent to $13.86. The stock was hit with a wave of profit taking after hitting a 52-week high of $18.49 early last week. That represented a stunning gain of 203 per cent since hitting a 52-week low of $6.10 last September.

Analysts said that consumer reaction to the new product will ultimately determine where the stock goes.

"I think it's too early to all of a sudden, draw any real conclusions to this whole thing,'' said Fred Ketchen, manager of equity trading at Scotia Capital.

"It's going to take some weeks, maybe take some months, until we get a real clear view. Now that it's going out and people will be able to buy it and use it and express their preferences, likes and dislikes _ that's what will count most.''


BlackBerry 10 Launch - Jan. 30, 2013