TORONTO: Canada’s main stock index fell to a five-week low on Friday, pressured by lower oil prices and concern about the economic outlook following interest rate hikes this week by some major central banks.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 157.35 points, or 0.8%, at 19,443.28, its lowest closing level since Nov. 9. For the week, the index was down 2.5%, its second straight weekly decline.

US stocks also ended lower as fears grew that the Federal Reserve’s quest to stifle inflation would push the economy into a recession. The central bank raised its policy rate by half a percentage point on Wednesday and signaled further tightening next year.

“Interest rates are impacting the American and Canadian stock markets to a significant degree,” said Thomas Caldwell, chairman at Caldwell Securities.