The consolidation mode came following recent sharp swings and in the absence of new, compelling leads, they added.
The composite index slipped 6.40 points to 2,103.37 after trading between 2,091.17 and 2,110.08.
The broader all-shares index fell 6.80 points to 1,017.43.
Losers outnumbered gainers 46 to 39, while 56 stocks ended unchanged. Volume was 935.87 million shares worth P730.3 million.
"The market is so cautious. It seems investors are re-assessing their positions," said Jonathan Ravelas of Banco de Oro Universal Bank.
"There (are) no new news to speak of that would further support the market’s rise. It needs fresh leads," he said.
Philippine Long Distance Telephone Co. (PLDT) ended down P15 at P1,800.
Bank of the Philippine Islands fell P1 to P59 while rival Metropolitan Bank and Trust retreated P1 to P37.
Ayala Land gained 25 centavos at P10.75 while parent Ayala Corp. ended steady at P340.
San Miguel A-shares, restricted to Filipino investors, ended steady at P61.50 while San Miguel B-shares, available to foreign investors, were up 50 centavos at P80.
Stocks also dropped after the army said it was questioning at least two officers in connection with an alleged plot to oust the government last month, raising concern about continuing threats.
The BSP kept its overnight rate, its key rate, steady for the fifth straight month, saying a stronger peso will help damp inflation later this year.
"People are still worried about headlines like ‘Crackdown in the Armed Forces Widens,’" said Irving Ackerman, owner of Manila broker I. Ackerman Securities Inc. "There was an alleged coup that was stopped, but we can’t say we’re completely cured."– AFP