CANADA STOCKS-TSX pulls back after big rise; commodities weigh

Tue Mar 24, 2009 10:22am EDT
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* TSX down 1.97 percent at 8,781.90

* Materials drop 3.1 percent on weak metals

* Tembec falls 18.6 percent; curtails operations

(Adds details, quotes)

By Jennifer Kwan

TORONTO, March 24 (Reuters) - Toronto's main stock index pulled back on Tuesday after surging more than 5 percent in the previous session, led down by weakness in resource issues on slumping commodity prices.

The biggest contributors to the index's slide included a mix of commodity issues and financials stocks, the main drivers of the market's recent rise.

"We've had, to state the obvious, quite a run over the past two weeks or so and I think you're having just a natural selling that you get inevitably in these sorts of situations," said Bob Gorman, chief portfolio strategist at TD Waterhouse.

"It's two steps forward, one step back. It's very seldom a V-shape."   Continued...