The market came off its lows on last minute support, having been down nearly one percent earlier.
The composite index lost 1.65 points to 2,030.05 after trading between 2,017.42 and 2,038.67. Volume was 557 million shares worth 909 million pesos (16.23 million dollars).
Losers led gainers 41 to 37, with 37 stocks unchanged.
The peso averaged 54.78 to the dollar in midday trade.
"The market is really due for a technical correction. Most counters are overbought," said Astro del Castillo of First Grade Holdings.
The composite index gained nearly six percent in the past six sessions and dealers said the market had to consolidate following that rally.
"For now, it was only wise for any investor to cash in gains following the run-up but it should be a different story once corporate earnings start coming in," del Castillo said.
Losses in Philippine Long Distance Telephone weighed on the main index. It shed 20 pesos at 1,720 on profit-taking after it hit a record high on Thursday.
Analysts said the country's largest telecommunications firm was expected to report Tuesday a record net profit for the nine months to September but its third-quarter results alone may show the impact of slowing growth in a maturing mobile phone market base.
Other gainers include Ayala Land, up 10 centavos to 9.00 pesos while parent Ayala Corp ended unchanged at 310 pesos.
Bank of the Philippine Islands rose 1.50 pesos to 57.50 while Globe Telecom Inc fell five pesos to 720.
B shares of San Miguel, available to local and foreign investors, fell two pesos to 90 while San Miguel A, limited to Filipinos, ended unchanged at 65 pesos.