CANADA STOCKS-TSX posts longest losing streak in 5 years as tech shares fall

*TSX ends down 0.4% at lowest level in one year*Posts its seventh straight day of declines*Technology sector falls 2.5%*Utilities rally 0.9%(Updates at market close)By Fergal SmithOct 26 (Reuters) - Canada's main stock index fell on Thursday for a seventh straight day as investors shifted their exposure from growth to defensive stocks, betting that elevated borrowing costs will slow the economy.The Toronto Stock Exchange's S&P/TSX composite index ended down 72.54 points, or 0.4%, at 18,875.31, its lowest closing level since October 2022. The losing steak was the index's longest since September 2018."The market seems to be getting pretty defensive here," said Mike Archibald, a portfolio manager at AGF Investments. "Yields have remained elevated, have taken a run back at 5%."The U.S. 10-year yield, a global benchmark, has lingered near the 5% threshold in recent days, a level it had previously not hit in 16 years."The market is looking at a higher possibility of a slower economic growth trajectory as we get into next year. That shouldn't be news but I think clearly there has been a recalibration out of the growthier, economically sensitive names into the more defensive parts of the market," Archibald said.Growth stocks, such as those in the technology sector, tend to command a higher price-earnings multiple than other stocks.The Toronto market's technology sector fell 2.5%, tracking weakness in U.S. growth names as investors assessed quarterly earnings reports.Economically sensitive industrials were down 1.4% and the materials group, which includes precious and base metals miners and fertilizer companies, lost 0.8%.Defensive and interest-rate sensitive sectors were bright spots as Bank of Canada Governor Tiff Macklem said that the central bank may not have to tighten further if inflation cools in line with the central bank's expectations.The utilities sector rose 0.9%, while heavily weighted financials were up 0.7%. (Reporting by Fergal Smith in Toronto and Shubham Batra in Bengaluru; Editing by Tasim Zahid and Will Dunham)