Exchange index gained 32.69 points to 6,615.07 on Wednesday, up 0.50 percent from Tuesday's close, driven by better-than-expected November Consumer Price Index data in the United States.

"Philippine shares rose once again, propped by a cooler-than-expected CPI report," Luis Limlingan, Head of Sales at Regina Capital, said in a text message.

"(It) ended flat as investors stayed on the sidelines, awaiting key economic data releases in the United States such as the Federal Reserve's rate hike decision," he added.

Asian markets rose and the dollar struggled to recover as investors welcomed softer-than-expected US inflation data that could allow the Federal Reserve to slow down its pace of interest rate hikes.

Meanwhile, Philstocks Financial Inc. assistant manager for research and online engagement Claire Alviar said Asian investors cheered for the easing of US inflation data.

"The inflation rate in the US printed less than the expectation, raising hopes that the Fed will hike rates at a slower pace," she said.

Chart-wise, Alviar said immediate support in the bourse is seen clocking in at 6,600 while resistance is at 6,800.

The property sector was the sole loser, dropping 0.08 percent while Holdings had the biggest gain of 1.08 percent.

Among index members, Converge ICT Solutions, Inc. gained the most by 3.55 percent while PLDT Inc. was at the bottom, losing 2.95 percent.