March 27, 2009 / 8:30 PM / 9 years ago

CANADA STOCKS-TSX stumbles as commodities turn lower

* TSX falls 174.44 points to 8,821.06.

* Lower oil and commodity prices drag

* Third straight week of TSX gains (Adds details, comments and official numbers)

By Frank Pingue

TORONTO, March 27 (Reuters) - Toronto’s main stock index ended lower on Friday as a drop in commodity prices shook the resource-heavy market, but the index still rose on the week, its third straight week of gains.

A report that showed OPEC produced more oil than it targeted in March contributed to a slide in crude and sparked a selloff in energy shares, which make up more than 20 percent of the main index.

Shares of EnCana Corp ECA.TO, the biggest drag on the index, fell 5 percent to C$52.00, while fellow oil company Canadian Natural Resources CNQ.TO fell 3.7 percent to C$45.24.

The S&P/TSX composite index .GSPTSE fell 174.44 points, or 1.94 percent, to close at 8,821.06. For the week the TSX finished up 3.7 percent,

Unlike some selloffs earlier this year, Friday’s fall did not generate much concern among analysts, who said the slide was relatively contained.

“In the decline today there didn’t seem to be a sense of panic and that’s a good thing,” said Elvis Picardo, analyst and strategist at Global Securities in Vancouver.

“We continue to see a little bit of optimism come back into the market, but by the same token the situation is still quite fluid, so it’s only natural to expect a little bit of profit-taking at the end of such a strong week.”

$1=$1.24 Canadian Reporting by Frank Pingue; Editing by Peter Galloway

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