*
TSX ends down 0.3% at 19,975.37
*
For the week, the index rises 0.4%
*
Technology falls 1.2%
*
Energy loses 0.8%; oil settles 1.6% higher
(Updated at market close)
By Ankika Biswas and Fergal Smith
June 16 (Reuters) – Canada’s main stock index edged lower on Friday, giving back some of its weekly gain, as technology and energy shares lost ground.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 51.98 points, or 0.3%, at 19,975.37, after posting higher closes in the preceding four days. For the week, the index was up 0.4%.
Technology, which has been the strongest performing sector this year by far, fell 1.2% as bond yields climbed.
The move higher in yields came as comments from two Federal Reserve officials curtailed optimism that the central bank is nearing the end of its aggressive interest rate hikes.
Real estate fell 0.9% and utilities was down 0.8%.
“Feels like there’s going to be one more rate hike for sure in both Canada and the U.S., and we’ll see if that’s the last one or not and whether they really do pause after that,” Greg Taylor, chief investment officer at Purpose Investments.
“It’s going to come back to a lot of factors, whether there is a recession coming or inflation starts to pull back.”
Energy was down 0.8% despite oil settling 1.6% higher at $71.78 a barrel. (Reporting by Fergal Smith in Toronto and Ankika Biswas in Bengaluru; Editing by Shilpi Majumdar and Sandra Maler)