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Philippine stocks return to pre-Duterte levels

SINGAPORE -- Philippine stocks declined on Thursday for the ninth straight session, dropping below the level when Rodrigo Duterte won the presidential election on May 10.

The stock market initially jumped with high expectations for the new leader, but Duterte's string of incendiary comments has cast doubt over his ability to steer the economy. Now there is also a possibility that the country's steady economy growth may exert downward pressure on stock prices in the short term.

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