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Shopify jumps 6.9% on Cyber Monday sales

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Q4 bank earnings expected to decline 4%

Nov 28 (Reuters) - Canada's main stock index fell on Monday, with energy and materials stocks leading the declines tracking tumbling commodity prices, as investors around the world were concerned about the global economic growth outlook.

At 10:07 a.m. ET (1507 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 27.76 points, or 0.14%, at 20,356.01.

The energy sector and materials sector fell 1.6% and 0.3%, respectively, tracking prices of oil, precious metals and base metals as protests against strict COVID curbs in China raised demand concerns from the world's second largest economy.

Canada's Big Six banks are expected to post a 4% decline in fourth-quarter profits from last year because of decades-high inflation and monetary tightening by the central bank that has hurt investment banking activity.

"The wealth management business will be pressured but I expect margin increases, given higher interest rates, and solid balance sheets across the board," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

"Guidance is expected to be narrowed and the focus will also be on loan growth given the recessionary outlook."

The financials sector fell 0.2%, but is set to end the quarter higher by 8.7%.

"We usually don't see both valuations and earnings collapse at the same time because that only happens during a financial crisis," said Angelo Kourkafas, investment strategist at Edward Jones Investments.

However, not all sectors were losers. The information technology sector was supported by a 6.9% jump in e-commerce firm Shopify Inc's shares, touching two-week highs after announcing record Cyber Monday sales in the U.S. The sector rose 1.6%.

Bombardier rose 4.3% after the aircraft manufacturer said that it will begin a special mission modification package in Wichita, Kansas as part of a German Pegasus surveillance aircraft project.

U.S. indices were down along with global counterparts, as investors were spooked by demand and growth concerns out of China. (Reporting by Johann M Cherian in Bengaluru; Editing by Shailesh Kuber)