The peso weakened by 17 centavos to P56.25 against the dollar but the benchmark Philippine Stock Exchange index (PSEi) added 15.85 points, or 0.23 percent, to close Wednesday higher at 6,876.52.

The broader All Shares index also climbed, by 0.24 percent or 8.57 points, to 3,591.66.

The currency opened at P56.14:$1 and ranged from P56.12 to P56.28. Volume reached P1.117 billion, down from the previous day's P1.736 billion.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso weakened after the US dollar corrected higher and as odds of an early Federal Reserve rate cut dropped.

Philstocks Financial Inc. research associate Claire Alviar, meanwhile, said that expectations of within-target inflation and "strong" corporate 2023 earnings results had "provided positive sentiment."

Market participation was strong, resulting in a net value turnover of P4.57 billion.

Foreigners remained net buyers, recording a net inflow of P27.86 million.

Sector indices were mixed, with financials leading gainers with a 1.25-percent increase. The industrial index, on the other hand, dropped the most by 0.25 percent.

Advancers outnumbered decliners, 95 against 85, while 57 were unchanged.