* TSX down 0.5%
* Technology index declines 2%
* Miners drop as gold slides
(Updates prices and details throughout)
By Sruthi Shankar
May 13 (Reuters) - Canada's main stock index fell on
Wednesday as technology stocks and gold miners came under
selling pressure while investors watched developments around the
Middle East conflict and U.S. President Donald Trump's visit to
China.
The Toronto Stock Exchange's S&P/TSX Composite index
dipped 0.5% to 34,128.67 points at 11:03 a.m. ET. It
closed at a three-week high on Tuesday.
Technology stocks dropped 2% to touch a one-month
low. Shares of microchip maker Celestica ( CLS ), content and
technology company Thomson Reuters ( TMSOF ) and software firm
OpenText fell 2.6% to 4.7% each.
The index has fared the worst on TSX this year, declining
nearly 20%.
The Canadian technology sector is seen more a victim of
artificial intelligence than a beneficiary given a high
concentration of software companies, Brian Madden, CIO at First
Avenue Investment Counsel said.
"It was down a lot in the first quarter and hasn't really
recovered quite as smartly as the U.S. tech sector has."
The broader Canadian equities markets traded just below
their March 2 record high, helped by an upbeat earnings season
largely driven by energy companies and miners.
Oil prices were largely unchanged but held
above $100 a barrel as investors monitored a fragile Middle East
ceasefire and awaited a high-stakes summit in Beijing between
Trump and China's Xi Jinping.
Energy stocks were steady.
Gold miners, however, fell 1.4% as prices of the
precious metal dropped after hotter-than-expected U.S. producer
prices data reinforced expectations of a tighter monetary
policy.
Equinox Gold ( EQX ) shares fell 3.6% after the company
said it would acquire Orla Mining ( ORLA ) in an all-stock deal
to create a North American gold producer worth about $18.5
billion. Orla shares dipped 0.7%.
Shares of Boyd Group, which runs autobody and auto
glass repair facilities across North America, slumped 12% after
the company missed analysts' expectations for first-quarter
sales.
(Reporting by Tharuniyaa Lakshmi and Sruthi Shankar in
Bengaluru; Editing by Joyjeet Das)