The local stock market recovered some of the previous day’s losses as investors wait for the release of the Philippine GDP numbers on Thursday. The main index added 21.87 points or 0.33 percent to close at 6,622.61 as the Property sector led the hike while Banks and Services decline. Volume dropped to just 306 million shares worth P3.96 billion as losers beat gainers 86 to 73 with 70 unchanged. “Philippines shares continued to consolidate, this time with an upward bias as investors continued to make bets ahead of the release of the Philippines’ first quarter GDP reading on May 11. The Street expects to the country's GDP to be at 6.2 percent (vs. House call 6.5 percent),” said Regina Capital Development Corporation Managing Director Luis Limlingan. Philstocks Financial Assistant Research Manager Claire Alviar said “This Tuesday, investors picked up bargains at the market’s support level of 6,600,with corporate earnings contributing to the market's gains.” She noted though that, “despite this, there was no clear conviction from investors as the net value turnover was only at P3.9 billion, which is lower than the average for the month. Investors were still awaiting the release of the Philippine GDP and the inflation rate in the US.” China Bank Capital Managing Director Juan Paolo Colet said “The index was practically flat with value turnover just below P4.0 billion as many investors turned cautious and remained on the sidelines ahead of US April inflation and Philippine first GDP data releases this week.” “With the PSEi treading delicately close to its 6,600 support, the market will need positive catalysts to preserve last week’s gains and encourage another attempt at the 6,700 resistance zone. Barring any negative surprises from the US debt ceiling issue, we expect lower US inflation figures and higher local GDP growth to help boost investor sentiment,” he added.