The local stock market ended a few points down as investors started to take profits after US Federal Reserve officials cooled down rate cut expectations.

The main index shed 2.94 points or 0.05 percent to close at 6,475.50 as sectoral indices were evenly split.

A total of 602 million shares changed hands as gainers outnumbered losers 100 to 77 with 46 unchanged.

“Philippine shares finished the session flat, as stocks consolidated at the 6400 level, with investors making moves ahead before the end of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

China Bank Capital Corporation Managing Director Juan Paolo Colet said “the index closed slightly lower as selling pressure emerged in the 6,500 area. In terms of technicals, the market is nearly overbought after last week’s rally, so some traders have started to take profits.”

He noted that, “news flows were also not that favorable as US Federal Reserve officials tempered expectations of interest rate cuts next year."

Philstocks Financial Assistant Research Manager Claire Alviar said “the local bourse dropped on last-minute profit taking as investors booked some gains following the market’s 2-day straight strong run, further influenced by the Bangko Sentral ng Pilipinas' latest confidence surveys reflecting less optimistic sentiments among consumers and businesses regarding the economy's future.”