CANADA STOCKS-TSX dips as China, Greece worries resurface

Thu Mar 18, 2010 11:11am EDT
 
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*TSX down 0.2 percent at 12,076.19

*Materials, energy, financial shares lead index lower

By Claire Sibonney

TORONTO, March 18 (Reuters) - Toronto's main stock market index was lower on Thursday morning after touching a 17-month high the day before as concerns about tighter credit in China and doubts about an aid plan for debt-stricken Greece pressured commodity prices.

Miner Teck Resources TCKb.TO was down almost 1 percent at C$41.59, and Ivanhoe Mines IVN.TO fell 0.66 percent to C$16.57 as base metal prices were hit by worries over the impact of China's latest efforts to cool markets. [MET/L]

The index's heavily weighted financial sector dropped 0.15 percent, extending losses from Wednesday on uncertainty over proposed, stricter banking regulation in the United States.

Toronto-Dominion Bank (TD.TO: Quote) fell 0.71 percent to C$74.01, while Royal Bank of Canada (RY.TO: Quote), the country's biggest bank, lost 0.1 percent at C$59.40. Both banks have large U.S. operations.

The index's energy sector dropped 0.55 percent.

Concern arose over efforts by China's central bank to mop up a massive 213 billion yuan ($31 billion) in liquidity in its open market operations this week, while a report on Thursday quoted a Greek official saying the country was not optimistic about aid from euro zone members. [ID:nTOE62H02T] [ID:nATH005287].   Continued...