Philippine shares drop 0.53%, PSEi falls below 7,000 due to Trump win

Philippine shares closed lower on Friday, continuing a trend influenced by President-elect Donald Trump's victory in the U.S. presidential election and slower-than-expected Philippine economic growth.

The benchmark Philippine Stock Exchange Index (PSEi) fell 0.53 percent or 37.26 points to close at 6,977.18, breaking through the crucial 7,000 level it had held for nearly two months.

All Shares declined by 0.20 percent to 3,883.80, while Property firms slightly recovered from Thursday's selloff with a gain of 0.35 percent.

Regina Capital managing director Luis Limlingan noted that traders could expect more market fluctuations due to uncertain policies following Trump's victory in the US election.

Japhet Tantiangco of Philstocks Financial Inc. added that investors are pricing in potential protectionist policies from the U.S., which could impact interest rates and Philippine economic growth.