The Philippine stock market succumbed to profit takers on Wednesday on lack of positive leads.

The bellwether Philippine Stock Exchange index lost 0.03 percent or 2.21 points to 7,227.45, while the broader all-share index rose by 0.04 percent or 1.70 points to 4,369.51.

Trading volume reached 1.10 billion shares worth 5.10 billion Philippine pesos (102 million U.S. dollars) with 96 stocks advancing, 83 declining, and 54 were unchanged.

Three of the six counters bucked the trend. These were the financials, services, and the property sectors.

"January is now in the books. It has turned out to be a surprise, judged in light of early expectations drawn towards the end of last year," analyst Justino Calaycay of A&A Securities, Inc. said in its daily stock market comment.

Calaycay said the risk narratives are still to fully unfold and the market has shown both resilience and intermittent weakness in the face of both domestic and external risk events.

However, developments overseas, particularly in the United States continue to hound investors with overnight markets negatively reacting to U.S. President Donald Trump's latest directive on immigration.

Stocks in the 30-company index were mostly up. These include SM Prime Holdings, Inc., Metropolitan Bank & Trust Co., the Bank of Philippine Islands.