Oct 29 (Reuters) - Canada’s main stock index fell on Tuesday, owing to bleak earnings reports from e-commerce company Shopify Inc and cannabis producer Hexo Corp, with a drop in oil prices hurting the energy sector.
* At 9:39 a.m. ET (1339 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 52.28 points, or 0.32%, at 16,335.25.
* Seven of the index’s 11 major sectors were trading lower, with a 1.3% drop in the technology sector leading the declines.
* Weighing the most on the tech sector was a near 7% fall in shares of Shopify Inc after it posted a quarterly net loss because of higher investments.
* The healthcare sector fell 1%, weighed by a 6% drop in shares of Hexo Corp after it posted a bigger net loss, hit by an inventory writedown.
* The energy sector dropped 0.6%, as oil prices were pressured by expectations of a rise in U.S. crude inventories and doubts that OPEC and its allies will cut oil output further in December.
* U.S. crude prices were down 1.8% a barrel, while Brent crude lost 1.1%.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.8% as Gold fell as the dollar firmed and optimism about a U.S.-China trade deal increased.
* Meanwhile, the Bank of Canada is likely to keep interest rates steady on Wednesday in its first policy announcement since the federal election, despite signs that investors seeking higher-yielding currencies are shifting more money into Canadian dollars.
* On the TSX, 66 issues were higher, while 156 issues declined for a 2.36-to-1 ratio to the downside, with 10.63 million shares traded.
* The largest percentage gainers on the TSX were Canfor Corp , which rose 1.9%, followed by a 1.5% rise in Waste Connection.
* The most heavily traded shares by volume were Zenabis Global Inc, BetaPro Crude Oil and Hexo Corp.
* The TSX posted one new 52-week high and two new lows.
* Across all Canadian issues there were nine new 52-week highs and 10 new lows, with total volume of 19.50 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)