CANADA STOCKS-TSX retreats from record high as technology shares fall

By Fergal Smith

Dec 1 (Reuters) - Canada's main stock gave back some of its November gains on Monday as technology shares lost ground and investors turned their attention to the start of bank earnings season.

The S&P/TSX composite index .GSPTSE ended down 281.00 points, or 0.9% at 31,101.78, after posting a record closing high on Friday. In November, the index advanced 3.7% as rising expectations that the Federal Reserve would cut interest rates further boosted base and precious metal prices.

U.S. stocks also lost ground on Monday as long-term borrowing costs climbed.

"Investors return from the U.S. holiday weekend and enter December in a cautious mood," Colin Cieszynski, chief market strategist at SIA Wealth Management, said in a note.

Thousands of Shopify SHOP.TO users encountered issues related to logging in to the online shopping platform, impacting customers and several small businesses on Cyber Monday.

Shopify's shares lost 6.3%, while the technology sector ended 4.1% lower.

Financials were also a drag, losing 1%.

Analysts are expecting Canadian banks to report strong fourth-quarter results this week, benefiting from business at their investment banking and wealth management segments while credit continues to stabilize, although lofty valuations will be tested.

"In addition to the results, investors may look for commentary on the state of the Canadian economy, the direction of loan loss provisions, and potential dividend increases," Cieszynski said.

Canada's manufacturing sector contracted at a steeper pace in November as trade uncertainty continued to hold back output and new orders.

The materials sector, which includes metal mining shares, was among the categories that ended higher. It was up 0.1%, with Barrick Mining ABX.TO adding 1.4%.

The company said it was exploring an initial public offering of a subsidiary that would hold its North American gold assets as bullion prices this year have rallied to record highs.