CANADA STOCKS-Weak commodities, US housing data hit TSX hard
*TSX down 138.14 points, or 1.2 percent, at 11,797.94
*Nine of index's 10 main groups fall
*Biovail continues to rally, up 13 percent (Adds details, quotes)
By Claire Sibonney
TORONTO, June 22 (Reuters) - Toronto's resource-heavy main stock index tumbled on Tuesday, pushed lower by weaker commodity prices and a surprise drop in U.S. home sales.
The index's energy sector fell 2.3 percent as Suncor Energy (SU.TO: Quote) dropped 2.4 percent to C$33.73, and Encana Corp ECA.TO lost 3.1 percent to C$34.16.
Base-metal miners declined 3.2 percent as Teck Resources TCKb.TO shed 3 percent to C$35.57, and First Quantum Minerals (FM.TO: Quote) fell 3.1 percent to C$62.60.
The hefty drop in resource-linked shares followed a drop in oil and base metals prices as expectations grew that a slow rise in China's yuan would have a more limited impact on demand than initially anticipated. [O/R] [MET/L]
"Softer prices are a natural sort of corollary to concerns about slowing global growth," said Elvis Picardo, analyst and strategist at Global Securities in Vancouver. Continued...