However, gains in market leader Philippine Long Distance Telephone Co. (PLDT) and bargain-hunting interest in Ayala Land provided the market with some support, they added.
The Philippine Stock Exchange composite index fell 3.40 points to 1,955.22 after trading between 1,943.49 and 1,960.99. Volume was 896 million shares worth P1.4 billion.
The broader all-shares index fell 1.68 points to 1,189.30.
Losers beat gainers 43 to 19, with 53 stocks unchanged.
"We were expecting the market to extend (Wednesday’s) gains but it seems to be in consolidation mode for now," said Astro del Castillo of First Grade Holdings.
"There is no fresh news and there are worries that high oil prices and a weak peso will weaken economic growth and make a dent in corporate earnings if these conditions drag on," he added.
He also noted efforts by the opposition to oust President Arroyo through accusations that she cheated to win the elections last year and that her family was linked to illegal gambling rackets.
PLDT, the most actively traded stock, rose P5 to P1,620.
Ayala Land was up 40 centavos at P8.10 but parent Ayala Corp. fell P5 to P327.50.
San Miguel A and B shares were steady at 59 and P92, respectively.
"I think for now, people are just waiting for new developments. The market is more or less cautious," said BPI Securities senior manager Roberto Cano.
Weighing on the index, property concern Ayala Corp. fell 1.5 percent to P327.50, fast-food chain Jollibee declined 3.3 percent to P29 and oil company Petron lost 3.2 percent to P3.05.
Bargain-hunting in select stocks partly offset losses. PLD., the session’s most-active stock, rose 0.3 percent to P1,620, boosted by a 1.2 percent gain in the company’s American Depositary Receipts in New York Wednesday.
Also limiting the market’s fall, property concerns Ayala Land jumped 5.2 percent to P8.10 and SM Investments advanced 1.3 percent to P255. – AFP, AP