Share prices plunged again as the market remains volatile, this time as investors worry about the plan of incoming US President Donald Trump to slap fresh tariffs on imports.

The main index fell 104.27 points or 1.53 percent to close at 6,702.59 with Conglomerates suffering the biggest loss. Volume was thin at 375 million shares worth P4.27 billion as the number of losers was double that of gainers at 125 to 60 with 49 unchanged.

“Philippine shares closed back in the 6700 level, falling more than 100 points as investors’ concerns grew amid potential new tariffs suggested by President-elect Donald Trump,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

However, he noted that, “U.S. stocks rose on Tuesday, with the S&P 500 and Dow hitting new record highs as the market considered the announcements as bargaining strategies rather than actual policy changes, although certain sectors, such as automakers and alcohol brands, experienced declines.”

In addition, consumer confidence index increased in line with expectations in November, as both the present situation and expectations components increased.

Philstocks Financial Research Manager Japhet Tantiangco said “The Peso’s weakness also weighed on the local bourse and foreigners were still net sellers with net outflows amounting to P539.05 million.”