Share prices trip ahead of 31st ASEAN Summit

Philippine share prices closed in red on Friday as investors sold positions ahead of the Association of Southeast Asian Nations (ASEAN) Summit.

The benchmark PSEi fell by 86.34 points or 1.01 percent to 8,433.48 at the closing bell. The broader All Shares decreased by 47.96 points or 0.96 percent to 4,931.86.

"Locally, many were selling ahead of the ASEAN Summit due to the long holidays and with some investors wanting to see the output of their meetings," Regina Capital Development Corp. said in a market commentary.

The Philippines is hosting the 31st ASEAN Summit and Related Meetings from November 10 to 14. Leaders of the 10-member regional block and their trading partners are expected to attend, including US President Donald Trump.