Bilyonaryo-led stocks jolted by Trump triumph
The surprising victory of Republican Donald Trump as the 45th president of the US sent the Philippine stock market into a tailspin, plunging to its lowest level in nearly eight months.
The main benchmark index plummeted by 188.76 points or 2.58 percent to close at 7,119.04, led lower by a selloff in stocks owned by the country’s tycoons.
Taipan John Gokongwei’s food manufacturing arm Universal Robina Corp. posted the biggest drop, slipping 6.76 percent to P172.50 each share.
Investors also dumped International Container Terminal Services Inc. of port magnate Enrique Razon. The stock closed 5.26 percent or P4 lower at P72
Ayala-led conglomerate Ayala Corp.slumped to P790 each share, down by 4.93 percent or P41 while its property unit Ayala Land Inc. dipped 4.75 percent to P34.
Banking tycoon George Ty’s Metrobank sank 3.42 percent to P77.25.
Retail magnate Henry Sy’s integrated property firm SM Prime Holdings Inc. also took a battering, ending 2.97 percent lower at P26.10.
Global stocks suffered a sharp decline amid a broad flight to safety , underscoring the fear among investors of a Trump presidency.