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TSX ends down 1.43% at 24,156.87

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For the month, the TSX gains 0.65%

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Materials group falls 2.4% as gold drops

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Tech loses 2.8 with Open Text ( OTEX ) down 11.1%

(Updates at market close)

By Nikhil Sharma and Fergal Smith

Oct 31 (Reuters) - Canada's main stock index gave back

much of its monthly gain on Thursday as it fell to a three-week

low in a wider selloff that was led by technology shares.

The Toronto Stock Exchange's S&P/TSX composite index

ended down 350.92 points, or 1.43%, at 24,156.87, its

lowest closing level since Oct. 8. For the month, the index was

up 0.65%, its fourth straight monthly increase.

"The run that the market's had lately ... a pullback is

expected," said Michael Constantino, CEO of Webull Canada.

U.S. stocks slumped after Microsoft ( MSFT ) and Meta Platforms ( META )

highlighted growing artificial intelligence costs that could

affect their earnings, curbing enthusiasm for megacap stocks

that have fueled the market rally this year.

"It's unusual for the Canadian market to totally detach from

the U.S. on a short-term basis," said Brian Madden, chief

investment officer at First Avenue Investment Counsel. "So,

selling pressure in the U.S. taints the sentiment in Canada."

The materials group, which includes fertilizer companies and

metal mining shares, fell 2.4% as gold pulled back from a record

high. Still, the index has climbed more than 30% since the start

of 2024.

"We're still seeing some client interest in financials and

materials," Webull Canada's Constantino said. "They've been

winners all year so clients are still picking their spots."

Financials were down 1.4% on Thursday, while technology

ended 2.8% lower as Open Text Corp ( OTEX ) lost 11.1% after

reporting quarterly revenue that missed analysts' estimates.

Energy fell 1.2%, with Cenovus Energy Inc ( CVE ) down 3.4%

after posting a 56% slump in third-quarter profit due to a

decline in production.

Bausch Health Companies Inc ( BHC ) was a bright spot, with

its shares jumping 12.7% after the drugmaker reported

stronger-than-expected third-quarter earnings.