The investors' positive sentiments pushed the Philippine Stock Exchange index to stay in the green territory on Wednesday, advancing 48.12 points to 6,121.53, up 0.79 percent from Tuesday's close, as the US treasury yields slightly dropped while the peso gradually appreciated.

"Investors are still anticipating strong third-quarter earnings amid the reopening of the economy despite the increasing inflation rate during the period," Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said in a text message.

Despite the gains, the net market value turnover remained weak at only P3.52 billion.

Sector performances were mixed, with services leading the advancers.

The mining sector reported the most significant loss of 5.22 percent, dragged by the 10.17 percent drop of Semirara Mining and Power Corporation. SCC also had the biggest decline among index members as investors sold their positions on its ex-date.

Meanwhile, the peso exchange rate opened at 58.65 against the dollar, slumped at 58.72, then bounced back to close at 58.43 at the end of trading on Wednesday.

Chief economist Michael Ricafort of Rizal Commercial Banking Corp. said the dollar-peso rate increased for the second straight day by -0.35 or -0.6 percent to close at the intraday high of 58.43, the highest closing rate in more than a month since 21 September.

This is ahead of the long holiday weekend that could entail holiday-related travel spending after the dollar corrected lower against major global currencies.

There was also global market sentiment over Rishi Sunak's formal takeover as UK prime minister on 25 October and his vowing to fix errors made by his predecessor.

Ricafort also said, "the peso was stronger after the local stock market gained for the third straight day by +48.12 points or +0.4 percent to close at the intraday high of 6,121.53, partly due to continued overnight gains in the US stock market and narrower budget deficit data."

"The peso was stronger after the local stock market gained for the third straight day partly due to continued overnight gains in the US stock market and narrower budget deficit data."