However, Equitable PCI Bank and Banco de Oro Universal Bank rose sharply as investors bet on a possible merger, they added.
The Philippine Stock Exchange composite index finished down 5.91 points at 2,296.78 after moving between 2,291.69 and 2,310.99. There were 1.56 billion shares traded worth P1.31 billion.
The broader all-shares index rose 3.28 points to 1,434.03.
Gainers led losers 59 to 35, with 57 stocks unchanged.
"Trading was timid as the market lacks new concrete leads to further perk up interest after SM Investments’ announcement yesterday of a takeover bid for Equitable PCI Bank," said Ron Rodrigo of Unicapital Securities.
"The GDP (gross domestic product) report is coming out (Thursday) and that might help investors decide on what position to take in the equities market," he added.
Economists expect annual GDP in the three months to June to have grown by an average 5.4 percent from a year earlier, largely in line with the government’s estimate of 5.3 to 5.8 percent.
PLDT, the most actively traded stock, closed down P20 at P1,905.
Banco de Oro and Equitable PCI Bank soared after SM Investments said it would make a tender offer for the remaining shares in Equitable that it does not already own at P92 per share.
The acquisition will cost SM Investments, which currently owns 34 percent of Equitable, P44.1 billion. SM said it is keeping its options open to merge Equitable possibly with unit Banco de Oro.
Banco de Oro rose P1.50 to P36.50 while Equitable PCI climbed P4 to P79. SM Investments was up P1 to P218.
Food and beverage giant San Miguel Corp.’s A and B shares closed steady at P65 and P71, respectively.
Philex Mining Corp.’s Class B shares declined 10 centavos, or 2.4 percent, to P4, the lowest since July 26. The price of the metal fell for the second day on concern demand may slow in the US Copper on the Shanghai Futures Exchange fell as much as 1.3 percent to 66,950 yuan ($8,413) a metric ton.
Lepanto Consolidated Mining Co.’s Class A shares declined 0.5 centavo, or two percent, to P24, its lowest since April 4. Its Class B shares (LCB PM) fell one centavo, or 3.6 percent, to 27.
Robinsons Land, the second-largest Philippine builder of homes and office towers by market value, closed at a record, adding 50 centavos, or 3.9 percent, to P13.25. The shares climbed as much as 4.1 percent after Kelly Lim, analyst at JP Morgan Securities Philippines Inc., initiated coverage of the company and advised investors to ‘overweight’ the stock. – AFP