CANADA STOCKS-Bargain-hunters help lift TSX to higher close

Fri Feb 12, 2010 4:55pm EST
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 * TSX up 34.32 points, or 0.3 pct, at 11,469.81
 * Index closes 2.2 percent higher for the week
 * China's move to tighten bank reserve levels surprises
 (Adds details, quotes)
 By Jennifer Kwan
 TORONTO, Feb 12 (Reuters) - Toronto's main stock index eked
out a gain on Friday as bargain-hunters scooped up stocks seen
as undervalued and the index's heavily weighted resource
sectors trimmed losses brought on by concerns about China's
monetary policy.
 The TSX rebounded late in the session after falling nearly
100 points as China's decision to increase bank reserve
requirements raised worries about the move's impact on global
growth. [ID:nTOE61B069]
 A mix of names topped the list of influential movers on the
upside, including technology bellwether Research In Motion
RIM.TO, up 3.3 percent at C$75.30. Earlier, RBC raised its
rating on the BlackBerry maker to "top pick" from "outperform."
 Royal Bank of Canada (RY.TO: Quote) rose 0.7 percent to C$55.49
and EnCana (ECA.TO: Quote) climbed 1.8 percent at C$33.68.
 "There is a tremendous amount of liquidity or cash on
the sidelines and any time the prices come down they've been
met with this wall of cash," said Bob Gorman, chief portfolio
strategist at TD Waterhouse.
 "I think people are looking for an opportunity to deploy
cash and I think that's part of what's going on."
 The Toronto Stock Exchange's S&P/TSX composite index
.GSPTSE finished up 34.32 points, or 0.3 pct, at 11,469.81,
heading into a long weekend with market holidays in Canada and
the United States on Monday.
 The gain marked the fourth straight gaining session for the
TSX, which was up 2.2 percent for the week.
 Suncor Energy (SU.TO: Quote) topped the list of downside movers,
dropping 1.2 percent to C$30.85, while Barrick Gold (ABX.TO: Quote)
slipped 0.5 percent to C$38.74, as the China announcement
dragged oil, gold and base metals markets lower. [O/R] [GOL/]
 ($1=$1.05 Canadian)
 (Reporting by Jennifer Kwan; editing by Rob Wilson)