Three days after rallying, the local stock market on Wednesday closed in red after losing 44.14 points, or 0.64 percent, to close at 6,900.62, still near the 7,0000 level.

Most sectors declined, with Properties dropping the biggest by 1.53 percent, followed by Banking down by 1.04 percent, and Miners by 0.91 percent.

Industrial was alone in the green territory, gaining by 0.14 percent.

Among the indices, fast food giant Jollibee Foods Corporation was the top index gainer, jumping by 1.71 percent to P250.00.

Philstocks Financial Inc. senior research analyst Japhet Tantiangco said cues from Wall Street’s decline weighed in on the sentiment as investors took a cautious stance, waiting for the Jackson Hole Economic Symposium, where the Fed may give clues on their policy outlook.

“With the Fed's next policy meeting in focus, the CME FedWatch Tool suggests a likely interest rate cut, though the extent remains debated," Luis Limlingan, Regina Capital Development Corp. head of sales, said.

The net market value turnover dipped to P4.75 billion as 130 Decliners outnumbered 78 Advancers and 49 names unchanged.

The peso closed at P56.5 from a dollar.