TORONTO, Aug 24 Reuters Canada39;s main stock index is expected to advance through the end of the year and then approach a record peak in 2023 as high commodity prices bolster resource company earnings and despite the risk of another major selloff, a Reuters poll found.

The median prediction of 24 portfolio managers and strategists polled Aug. 923 was for the SPTSX Composite Index to advance 2 to 20,375 by the end of this year from Monday39;s close of 19,974.92.

While that39;s well below the 21,183 yearend forecast in May39;s poll, the index was then expected to surge to 22,000 by the end of 2023, taking it within a whisker of its March 29 record closing high of 22,087.22.

The outlook for the remainder of 2022 is encouraging given the expected contribution from the energy sector, financials and overall valuation of the SPTSX Composite Index, said Philip Petursson, chief investment strategist at IG Wealth Management.

The strength in oil prices and commodities in general as we head into 2023 should continue to be positive for the index.

Oil has pulled back from the peak levels seen in March but has still advanced nearly 20 since the start of the year. Together, the energy and materials sectors account for 29 of the TSX39;s market capitalization.

Still, the Toronto market has not escaped the volatility that has buffeted financial markets this year as central banks globally tighten monetary policy to tackle soaring inflation.

The index has rallied nearly 10 from its…