CANADA STOCKS-TSX tumbles as China rate worries hit resources

Fri Nov 12, 2010 5:16pm EST
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   * TSX down 185.50 points , or 1.43 pct, at 12,749.24
 * All 10 of the TSX's main groups end lower
 (Updates, adds quotes)
 By Solarina Ho
 TORONTO, Nov 12 (Reuters) - Toronto's main stock index sank
on Friday as inflation worries in China drove expectations of
an interest-rate hike, dragging down commodity prices and the
resource-heavy TSX.
 Oil heavyweight Suncor Energy SU.TO fell 3.13 percent, to
C$34.93 while miner Barrick Gold ABX.TO was down 1.57 percent
at C$51.25.
 "The market is looking at action in China yesterday. The
Chinese index was down about 5 percent," said Youssef Zohny, an
associate portfolio manager with Van Arbor Asset Management in
 "(Inflation) came in much hotter than expected, so it seems
like there's going to be some tightening in China. That's
essentially what's driving the market today."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished down 185.50 points, or 1.43 percent, at
12,749.24. All 10 of its main groups finished in the red.
 The index retreated 1.35 percent for the week.
 The materials sector, home to major miners, was down 1.9
percent, with Goldcorp G.TO off 1.22 percent at C$46.85.
Base-metals miner Teck Resources TCKb.TO was down 1.47
percent at C$49.61. [MET/L]
 Crude prices fell more than 3 percent on Friday as China
worries triggered profit-taking following gains of nearly 8
percent in the last two weeks.
 Energy stocks gave back 1.75 percent. Canadian Natural
Resources CNQ.TO fell nearly 2 percent to C$39.76, while
Encana Corp ECA.TO slid 2.26 percent to C$29.42.
 ($1=$1.01 Canadian)
 (Reporting by Solarina Ho; editing by Rob Wilson)