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* STOXX 600 index closes 0.4 pct lower
* Commodities-related stocks retreat
* Auto stocks among top gainers
By Atul Prakash and Danilo Masoni
MILAN, Nov 11 (Reuters) - European shares fell on Friday as commodities stocks fell along with metal and oil prices, while stocks exposed to emerging markets slumped on concern that U.S. President-elect Donald Trump will introduce protectionist trade policies.
The STOXX Europe 600 closed 0.4 percent lower. However, the pan-European index gained 2.6 percent this week, the best weekly performance since mid-July, following a recent rally on hopes that Trump will keep his election promise to spend $1 trillion on infrastructure projects over a decade.
After an initial euphoric reaction to Trump's victory, investors expressed more caution.
"After panic buying, a more rational and selective phase has started," said Giuseppe Sersale, fund manager at Anthilia Capital in Milan. "The political and economic obstacles to his plans must not be underestimated".
The mining sector index fell 2 percent as investors took profits from a rally of more than 10 percent in basic resources stocks this week.
The European oil and gas index closed 2.2 percent weaker, mirroring steep losses in crude oil prices after OPEC said October output reached another record, casting doubt on whether it can limit persisting oversupply.
A sell-off in emerging markets hurt companies such as Standard Chartered and South African paper and packing maker Mondi, which dropped 6.3 percent and 4.7 percent respectively.
Randgold Resources, Fresnillo and Centamin fell 6.7 to 8.9 percent after gold dropped to a five-month low, hit by a sell-off in commodities and a surge in bond yields on fears a splurge on U.S. infrastructure could stoke inflation.
The construction and materials index, which hit a nine-year high on Thursday, closed 1.8 percent lower. It was weighed down by losses among cement maker LafargeHolcim and builder ACS, both down around 3.5 percent.
But autos rose 1.9 percent, supported by a 4.3 percent rise in BMW whose deliveries in October rose 2.3 percent.
Allianz rose 2.7 percent as the German insurer posted a forecast-beating rise in third quarter net income and said U.S. bond fund manager Pimco saw inflows for the first time in more than three years.
"The turn-around in AM (asset management) net flows is very encouraging and also the solvency remains strong which bodes well for additional cash returns in the coming months," said Daniel Bischof, analyst at Baader Bank.
Insurers and banks outperformed, also helped by higher bond yields.
Utilities, which fell sharply in the previous session as falling bond prices make their dividend streams less attractive, rebounded, with the sector index up 0.5 percent. (Editing by Ruth Pitchford)