Jan 29 (Reuters) - Canada's main stock index closed down by 0.48%, recovering its losses of the day, as drag in Wall Street technology shares spilled over into Toronto markets and a sharp pull-back in precious-metal prices dragged down mining stocks.
The S&P/TSX Composite Index closed down 0.48%% at 32,812.69 points.
TSX's technology index that sank 5.7% when markets opened, recovered later during the day closing down 0.62%.The biggest index drag were led by metal shares that closed down 3%.
The losses came as investors digested earnings from U.S. tech giants that pointed to another surge in spending on artificial intelligence.
Vizsla Silver plunged 16% after the company reported yesterday that 10 of its workers were abducted in Mexico.
"Today's decline in tech is mostly AI driven...Celestica is the closest you can get to AI exposure in Canada," said Kevin Burkett, portfolio manager at Burkett Asset management. Celestica closed down 14% at the TSX after not meeting investor expectations on its quarterly numbers.
"I think now we're in bubble territory. The last week or so, the move in the prices of these metals has gone parabolic," said Michael Dehal, senior portfolio manager, Dehal Investment Partners at Raymond James.
Energy stocks were a bright spot, rising 1.2%, as oil prices advanced amid fears of a potential U.S. strike on major crude producer Iran.
In other notable moves, Rogers Communications rose 2.7% after the wireless service provider reported quarterly revenue above estimates, helping TSX's communications index gain 0.6%.
(Reporting by Utkarsh Tushar Hathi; Divya Rajagopal and Nivedita Balu in Toronto; Editing by Jonathan Ananda and Alistair Bell)
By Utkarsh Hathi
