The peso rose anew and the stock market edged higher to hit the 6,900 level on Wednesday as sentiment improved.

The currency strengthened by 23 and a half centavos to P55.705 against the dollar while the benchmark Philippine Stock Exchange index (PSEi) advanced by 5.79 points, or 0.08 percent, to finish at 6,903.15,.

The broader All Shares index inched up by 0.05 percent, or 1.73 points, to 3,601.83.

The peso opened at P55.95:$1 and ranged from P55.70 to P55.98. Volume reached P1.237 billion, slightly lower than the P1.292 billion recorded in the previous session.

Philstocks Financial Inc. researcher Mikhail Plopenio said the PSEi rose due to optimism brought about by the corporate sector's 2023 results, with initial reports having been "positive so far".

"The anticipation aided the bourse to close at 6,900 levels and join most of the regional peers in the green territory," he noted.

Plopenio added that higher motor vehicle sales in January also boosted sentiment, as "this implied that spending remained strong."

Market participation improved, resulting in a net value turnover of P4.67 billion – higher than the year-to-date average of P4.55 billion.

Foreigners were net buyers, registering a net inflow of P114.63 million.

Sector indices had mixed results, with holding firms leading gainers with a 0.67-percent rise. The financials index, on the other hand, was the biggest loser after declining 0.45 percent.

Advancers outnumbered decliners, 98 against 88, while 49 were unchanged.