CANADA STOCKS-TSX pares early losses on bargain-hunting

Wed Aug 19, 2009 10:54am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 0.64 percent at 10,605.96

* All 10 sectors down, but off session lows

* Chinese stocks selloff hurts recovery confidence (Adds details)

By Ka Yan Ng

TORONTO, Aug 19 (Reuters) - Toronto's main stock index fell on Wednesday morning, after a selloff on Chinese markets dented confidence about the strength of the global economic recovery.

Those doubts triggered declines in commodity prices, a big weight on the resource-heavy Toronto index, spurred by the equity retreat in China, whose industrial engine is a huge market for commodities such as oil and metals.

The weakness spread to Europe and the trend was no different in the early going in the North American session.

Energy shares were knocked 0.6 percent lower but were chipping away at the losses as the price of crude oil reversed and headed higher. Materials were off 0.3 percent, but losses were limited as the price of gold turned higher as the U.S. dollar pared gains.

Influential movers on the overall index were mixed. Energy giant Suncor SU.TO led the pack lower, falling 1.43 percent to C$34.44, while insurer Manulife Financial MFC.TO shed 2.1 percent to C$21.24. BlackBerry maker Research In Motion RIM.TO slid 1.1 percent to C$80.60.   Continued...