(Bloomberg) — A surge in digital payment companies and e-commerce stocks is fueling a rally in Canadian tech stocks, putting them on pace for their best week since April 2020. The S&P/TSX Information Technology Index has soared 14% — double that of its U.S. counterpart which has gained 7% in the past five days. Its meteoric climb might just be a blip in the otherwise volatile ride for the sector this year. It still faces the pressure of rising interest rates and increasing regulatory scrutiny over the next year, Ian de Verteuil, head of portfolio strategy at CIBC World Markets. “We have a bit of a bounce-off from deep oversold levels. This does not change my view at all on challenges facing tech stocks.”
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