June 8, 2015 / 8:40 PM / in 2 years

CANADA STOCKS-TSX tumbles on broad selloff, resource stocks weigh

(Adds portfolio manager comment, updates prices to close)

* TSX ends down 213.83 points, or 1.43 percent, to 14,743.33

* All 10 of the index’s main sectors lower

By Alastair Sharp

TORONTO, June 8 (Reuters) - Canada’s main stock index tumbled 1.4 percent on Monday, its third straight fall and the sharpest selloff in almost three months, with across-the-board declines led by resource and financial stocks.

While investors took cues from global markets, the impact was magnified in Canada’s skittish market, which is particularly attuned to both Chinese demand for its commodity exports and economic recovery in the United States, its main trade partner.

“The economic news has been ugly and a bit discouraging in some ways and yet there was good economic numbers on Friday and the market doesn’t like them,” said John Kinsey, portfolio manager at Caldwell Securities.

The Toronto Stock Exchange’s S&P/TSX composite index lost 213.83 points, or 1.43 percent, in the session to end at 14,743.33.

U.S. and European stocks also declined as investors fretted about Greece and the timing of a U.S. rate hike, while bond yields rose and the dollar fell.

Energy stocks slumped 2.4 percent as crude prices, pinched by a slide in Chinese fuel imports and OPEC’s decision to keep its production target, fell one percent or more.

Enbridge Inc was the top-weighted decliner, falling 3.6 percent to C$56.28. Suncor Energy Inc was another top 10 loser, declining 2.6 percent to C$35.06.

“China is hurting the markets because of the weakness in some of the numbers. Some of the European numbers now are beginning to show a little bit of encouragement,” Kinsey said.

All of the index’s 10 main groups were in negative territory.

“The market has been quite volatile. It can be up 100 and something points a day, and down 100 and something points a day. I see no significant factor out there,” said David Cockfield, managing director and portfolio manager at Northland Wealth Management, noting that volumes were also somewhat soft.

“You often find that if people are going to be sellers, they’ll pick on the financials, because they’re easy to sell.”

Financial stocks slumped 1.2 percent, with Royal Bank of Canada falling 1.2 percent to C$78.63, and Toronto-Dominion Bank sliding 1.6 percent to C$53.51.

Materials stocks were down 0.8 percent. The sector, along with financials and energy, makes up roughly two-thirds of the TSX’s weight.

Utilities, industrial and technology sectors all fell more than one percent. (Additional reporting by Solarina Ho; Editing by W Simon and Meredith Mazzilli)

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