They said investors were also sidelined, awaiting signals from US monetary authorities, who will decide later in the day whether or not to end a two-year cycle of interest rate hikes.
The composite index ended down 10.88 points at the day’s low of 2,367.75. It touched a high of 2,382.19. The broader all-shares index retreated 3.49 points to 1,453.44.
Losers outnumbered gainers 57 to 45, and 43 stocks closed flat with 2.67 billion shares traded valued at P1.07 billion.
"The first-half (PLDT) net profit of P15.31 billion is still in line with our full-year forecast of P32.9 billion," said Nestor Aguila of DA Market Securities.
"I don’t think the weak second-quarter results should be a big issue given the strong growth in PLDT’s mobile subscriber base."
Elsewhere in the market, analysts said investors were tentative until the US Fed meeting is out of the way.
"Everyone is waiting for the Fed," said Jonathan Ravelas of Banco de Oro.
"Investors are speculating that the Fed may take a pause, but recent US economic data seem to be on the contrary, so there is an uncertain mode right now and investors prefer to stay out of the market for the meantime," he added.
Dealers also said the local market was also due for a correction after rising steadily in the past three sessions.
"Investors are taking a breather, digesting the earnings reports that have come out so far," said Mark Canizares of CitisecOnline.com.
PLDT closed down P25 to P2,080 after reporting a 7.8-percent drop in net profit to P6.73 billion for the three months to June due to increased depreciation costs and foreign exchange losses, although core earnings rose.
Parent Ayala Corp. rose P2.50 to P427.50 a day after reporting that its first-half net profit nearly doubled from a year ago on the back of increased contributions from units and lower debt financing expenses.
San Miguel A was steady at P65 while its B shares added 50 centavos to P73.
Investors headed for the sidelines ahead of the Federal Reserve meeting yesterday," said AB Capital Securities analyst Erwin Balita. "The market remains divided over whether the Fed will pause or raise US rates again. But if ever the Fed raises rates, chances are that would be the last of the series of rate hikes."
Ayala Land was the most actively traded stock, shedding 1.8 percent to P13.50 on heavy volume of 14.83 million shares traded. Analysts said the stock succumbed to profit-taking after rising 3.8 percent Monday. — AFP, AP