(Bloomberg) -- Canadian stocks sunk for a fifth straight day, closing in correction territory on Wednesday for the first time since the pandemic-induced crash in 2020, as investors flee equity markets amid rate hikes and recession concerns.

The S&P/TSX Composite Index closed 0.3% lower on Wednesday and has tumbled more than 10% from its record closing price reached on March 29. Financial, technology and consumer discretionary stocks were among the biggest losers on Wednesday, offsetting gains in oil and mining companies.

Canadian e-commerce giant Shopify Inc. fell 5% to its lowest point since November 2019, while retailers Canadian Tire Corp. and Loblaw Companies Ltd. dropped 4% and 3.6% respectively.

CHART COMING ASAP

This year, the Canadian market has staved off the steep losses in the US as booming commodity prices push up energy and materials stocks. The S&P/TSX has fallen 6.5% this year compared with the 17% drop in the S&P 500 Index. 

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