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The bellwether Philippine Stock Exchange index was down by 0.02 percent or 0.61 point to 2,907.63, while the all share index slipped by 0.001 percent or 0.02 point to 1,826.78.
Three of the six subsector indices closed lower, led by mining and oil shares which was followed by the service sector and the financials. The property index on the other hand gained the most, along with holding firms and industrial stocks.
Trading was below average where some 1.32 billion shares valuing 3.83 billion pesos (80.32 million U.S. dollars) were exchanged. Foreign investors were net buyers with 58 million pesos (1.26 million U.S. dollars).
Market breadth was negative where a total of 58 issues lost their value, while 52 gained and 53 did not move.
"The selling pressure on certain issues are still there especially on the property and banking issues. There is no news locally and overseas that can push the market in either directions, " trader Ivan Nario of foreign brokerage BDO Securities, Inc. said in an interview.
Nario said investors' aversion to the equities market is further compounded by the existence of other investment vehicles like the bond market.
"There are a lot of investors out there but in times like this when the market has already gone up by more than 50 percent this year to date, the risk for investors [to lose their money] is getting higher," he said.
"As such, investors will play it safe by cashing in on their gains," he said.
As of this writing, only the Philippine market finished the session lower. All other markets in the region were trading higher.
Nario said while the fourth quarter is traditionally a good month for the equities since this is the time when investors start positioning ahead of next year, the local market has already reached its lowest level last March.
"We already made a strong rebound since then so I guess investors have already factored the future near-term valuations of the companies," Nario said.
Stocks in the 30-company index finished mixed.
Investors meanwhile continue to pick on Manila Electric Co.'s ( Meralco) shares after the son of Philippines' richest man made an offer to buy the remaining stake of the Lopezes--another influential family -- in the power distributor.
Shares of Meralco rose by 1.87 percent to settle at 217 pesos ( 4.55 U.S. dollars) per share.
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