CANADA STOCKS-TSX sinks to lowest since Feb 2014 on global growth worry

Fri Aug 21, 2015 5:58pm EDT
 
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(Adds portfolio manager comment, updates prices to close)

* TSX ends down 263.33 points, or 1.92 percent, to 13,473.67

* Nine of the TSX's 10 main groups fall

By Solarina Ho and Alastair Sharp

TORONTO, Aug 21 (Reuters) - Canada's main stock index sank to its lowest in 18 months on Friday, capping a week of rapid retreat on persistently grim global sentiment following more disappointing data out of China.

Global equity markets plummeted toward their worst week this year, while the beating in commodities continued as data out of China showed manufacturing in the country was slowing at the fastest pace since the financial crisis in 2009.

The commodities-heavy TSX took another drubbing, with energy stocks falling 1.5 percent and materials sliding 2.9 percent. The hefty financials group, whose banks report quarterly results next week, fell 1.9 percent.

"There's not a lot of positive things that support the equity price," said Marcus Xu, a portfolio manager at M.Y. Capital Management Corp in Vancouver. "That's probably why people are getting a little panicked."

The Toronto Stock Exchange's S&P/TSX composite index closed down 263.33 points, or 1.92 percent, at 13,473.67. It lost almost 6 percent in the week, its worst weekly slump since September 2011.   Continued...