ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REPORT No. 002_2011 for January 5_Wednesday
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
4,218.73 3.52 0.08% 2,962.10 4,876.09 67 79 31

Daily Wrap: Tuesday PHILIPPINE M ARKET

SECTOR INDEX Pts Change % CHANGE
LOCAL shares duplicated yesterday's pattern, rising off the opening ALL 3,082.46 -16.08 -0.53%
bell before drawing a negative slope for the balance of the session FINANCIA L 964.58 -2.42 -0.25%
eventually settling for marginal gains of 3.53 points at the close. INDUSTRIAL 7,377.48 -26.31 0.36%
The rest of the market dropped however, with only the Holding HOLDING FIRMS 3,420.23 20.14 0.59%
Firm sector, tracking the main Index. (see table.) PROPERTY 1,569.01 -4.85 -0.31%
SERV ICES 1,586.14 -1.16 -0.07%
Trade value increased to php4.876 billion, a vast improvement MINING & OIL 13,732.81 -51.19 -0.37%
from the opening day total of only php3.8 billion. Negative As of 1205H 01/04/10

breadth narrowed towards the end of the session, as investors ASIAN MARKETS
selectively picked up declining counters on expectations of a COUNTRY INDEX LAST % CHANGE
ASIAN REGION MSCI A PEX 50 885.93 0.55%
rebound.
JAPAN TOPIX 911.21 1.38%
Asian markets were generally in the green as the local market closed JAPAN NIKKEI 225 10,373.80 1.42%
for the day. CHINA HANGSENG 23,549.60 0.48%
CHINA SHA NGHAI 1,303.85 1.01%
Strong manufacturing growth that beat analysts' estimates for the US TAIWAN TAIEX 9,044.10 0.21%
and Europe boosted investors' confidence sending equity prices SOUTH KOREA KOSPI 2,075.92 0.28%
higher. The Dow racked up 93.24 points or 0.81% to 11,670.80 AUSTRALIA S&P/A SX 200 4,753.80 0.18%
AUSTRALIA ALLORINDA RIES 4,858.00 0.23%
while the S&P 500 and Nasdaq gained more than 1.0%, marking a
NEW ZEA LAND NZ50
hot start for the market. In Europe, only the London Exchange
PAKISTAN KARACHI 100
(FTSE100) fell. SRI LANKA Sri Lanka Colombo
THAILA ND SET 1,040.25 0.73%
Commodity prices rose with oil at 27-month high pushed by
INDONESIA JKSE 3,758.82 0.84%
expectations of increased demand as recoveries gain momentum.
INDIA BSESN 20,617.40 0.27%
The per barrel price stands at $91.54 as of 1041H Tuesday. Copper SINGAPORE Straits Times 3,255.79 0.62%
approached record levels at of $4.50 per pound, and silver topped MALAYSIA KLSE 1,544.74 0.74%
$31 per ounce. VIETNA M HO CHI MINH 487.35 0.56%
BANGLA DESH DSE General Index 8,184.71 -1.27%
Yields on the 10yr Treasury Notes rose as investors took cognizance MONGOLIA MSE Top 20 14,686.60 -0.50%
of the improving macros, shifting some funds away from the safer As of 1157H 01/04/10
havens of fixed income instruments. US manufacturing expanded at
its fastest pace in seven (7) months. Construction spending grew 0.4% in November, slower than the prior month's 0.7% but still beating
consensus estimates of a 0.2% pace. Markets are looking forward to a similar rise in the Services and employment later in the week.

Outlook for Wednesday:

Tuesday's slide may be seen an an overdue “correction” considering the market has tallied gains of 4.35% through the first trading day of the
year. The windows are merely being “dressed down”, following a frantic 200-points run up in the two holiday shortened year-ending weeks.
Over-all, however,what the market “erased” was merely the day's gains and left the December trades still positive. European and US market
futures are encouraging at midday, positing a possible continuation rally this afternoon and tonight, respectively. Data slated to come out in the
US this week are still look on as positive, furthering confidence the rally past two-year highs may be sustained.
With only the movements in overseas markets providing leads, there is little reason for the market to move outside its trading band, drawing a
sideways direction over the near-term. This opens up range-trading possibilities for short-term funds. The long-term bias remains positive,
nonetheless, particularly as the market gradually discounts expectations for q4 2010 results due out by the middle of next month.

DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE AVAILABLE TO
OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE INFORMATION HEREIN IS
FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. IN ADDITION, WE
SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF THE VIEWS EXPRESSED IN THIS
REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR INVESTMENT PROFILE OF THE COMPANY OR THE
INDUSTRIES MENTIONED.
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