Canadian stock market slides on China's data

Canada's main stock market on Monday lost ground as miners shares plunged on weak Chinese data.

Toronto Stock Exchange's benchmark S&P/TSX Composite Index was down 49.02 points or 0.32 percent to 15,482.56 points, with six of the eight major sectors in the red.

The market sentiment was weighed as investors were concerned about China's economic growth this year, after data showed over the weekend that China's value-added industrial output in August posted its lowest growth since 2008 financial crisis, expanding 6. 9 percent year on year following a 9-percent increase in July.

The mining sector tumbled 1.77 percent, leading the losers, with basic metals miners dropping sharply. Teck Resources Ltd. shrank 1.52 percent to 23.34 Canadian dollars (about 20.96 U.S. dollars). First Quantum Minerals Ltd. dived 3.98 percent to 23.16 Canadian dollars, and HudBay Minerals Inc. also lost 2.19 percent to 10.72 Canadian dollars per share.

Meanwhile, Health Care declined 0.86 percent while the drug maker Valeant Pharmaceuticals International, Inc. was down 0.64 percent to 134.19 Canadian dollars.

Financials, the most heavily weighted sector, gave back 0.21 percent as Toronto-Dominion Bank was down 0.29 percent to 57.60 Canadian dollars. Canada's biggest lender Royal Bank of Canada also shed 0.34 percent to 81.88 Canadian dollars. However, Manulife Financial Corp, Canada's financial protection and wealth management provider, bucked the trend by rising 1.4 percent to 21. 8 Canadian dollars apiece.

The real estate shares moved down as investors felt worried about the heat of the housing market, after the Canadian Real Estate Association said on Monday that national home sales in Canada rose 1.8 percent on a month-over-month basis in August from July, hitting the highest level since January 2010.

Canadian Apartment Properties Real Estate Investment Trust lost 0.72 percent to 23.42 Canadian dollars, and Boardwalk Real Estate Investment Trust even dived 1.14 percent to 67.64 Canadian dollars.

On the currency front, the Canadian dollar Monday rebounded to 0.9050 U.S. dollar from 0.9014 U.S. dollar on last Friday.