*

TSX ends down 1.6%, at 29,777.82

*

Posts lowest closing level since September 26

*

Shopify ( SHOP ) falls 6.5% as costs hit margins

*

Materials group loses 3.6% as gold falls

(Updates at market close)

By Fergal Smith

Nov 4 (Reuters) - Canada's main stock index fell to a

near six-week low on Tuesday as high-flying technology and metal

mining shares led broad-based declines.

The S&P/TSX composite index ended down 497.24

points, or 1.6%, at 29,777.82 points, its lowest closing level

since September 26.

Wall Street's main indexes also declined after the CEOs of

big U.S. banks warned of a market selloff, fueling worries of

stretched tech valuations.

"Mining and technology have done so well that when you get a

correction you are going to see them correct more," said Colin

Cieszynski, chief market strategist at SIA Wealth Management.

The Toronto market's technology group lost 3.8%, with shares of

Shopify Inc ( SHOP ) down 6.5% as a surge in expenses related

to research and development, and marketing crimped the

e-commerce company's margins.

The materials group, which includes metal mining shares, was

down 3.6% as the price of gold fell.

"You are seeing a pullback in risk appetite but you're not

getting a rally in precious metals," Cieszynski said. "What is

rallying is the U.S. dollar."

The U.S. dollar climbed to a three-month high against

a basket of major currencies, benefiting from safe-haven demand.

Shares of Pet Valu Holdings ( PTVLF ) dropped 16.1% after the

pet food retailer reported quarterly results.

Thomson Reuters ( TMSOF ) reported higher third-quarter revenue

and reaffirmed its full-year 2025 guidance. Still, shares of the

content and technology company fell 5.6%.

Canada's budget shortfall will more than double this year as

Prime Minister Mark Carney pours billions of dollars to fight

U.S. tariffs, boost defense spending and diversify trade, his

maiden budget proposal showed on Tuesday.