September 10, 2019 / 2:39 PM / a month ago

CANADA STOCKS-TSX dips as tech stocks fall amid global growth worries

Sept 10 (Reuters) - Canada’s main stock index fell on Tuesday as technology stocks slipped on worries of a global economic slowdown reignited after downbeat China data, but losses were limited by a rise in energy shares.

* At 9:46 a.m. ET (1346 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 10.8 points, or 0.07%, at 16,484.29.

* The technology sector slipped more than 2%, the biggest decliner among the 11 major sectors.

* Shares of Kinaxis Inc and Shopify Inc were among the top decliners on the tech index, falling 3% each.

* Fears of a slowdown were revived after factory-gate prices in China shrank at the sharpest pace in three years in August, falling deeper into deflationary territory and reinforcing the urgency for Beijing to step up economic stimulus as the trade war intensifies.

* Keeping a check on losses was a 1.4% rise in the energy sector after oil prices rose to their highest levels in almost six weeks on optimism that OPEC and other producing countries will agree to extend output cuts to support prices.

* The materials sector reversed early losses to trade 0.4% higher.

* Data showed Canadian housing starts unexpectedly rose in August compared with the previous month as ground breaking increased on single detached urban homes.

* On the TSX, 115 issues were higher, while 122 issues declined for a 1.06-to-1 ratio to the downside, with 27.32 million shares traded.

* The largest percentage gainers on the TSX were Birchcliff Energy, which jumped 4.3%, followed by shares of Seven Generation, which rose 4.1%.

* Northland Power fell 3.5%, the most on the TSX, followed by shares of Kinaxis.

* The most heavily traded shares by volume were Royal Bank of Canada, Lydian International Ltd and Encana Corp.

* The TSX posted three new 52-week highs and no new low.

* Across all Canadian issues, there were eight new 52-week highs and two new lows, with total volume of 43.06 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shinjini Ganguli)

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