ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY WRAP & OUTLOOK_ TD047-48_March 8-9, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,898.87 12.39 0.32% 45 84 39
Data from www.philstocks.ph <market summary>; Exchange website unavailable

TRADING HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
THE PSE Index extended its rally to a fourth day, ALL 2,952.63 1.34 0.05%
largely ignoring a second day of retreat in the Dow FINANCIAL 851.83 -4.61 -0.54%
and rising concerns over inflation in the Asian INDUSTRIAL 6,812.51 -26.12 -0.38%
region as oil prices continued to rise. HOLDING FIRMS 3,326.95 33.60 1.02%
PROPERTY 1,469.73 9.54 0.65%
The 30-Company composite added 12.39 points or SERVICES 1,424.77 -0.28 -0.02%
0.32% to close at 3,898.87, failing to hold mid- MINING & OIL 14,003.83 140.74 1.02%
session forays above the 3,900-line. The rest of As of 1210H End of Day
ASIAN MARKETS LATEST UPDATE
the market showed generally guarded optimism, with
COUNTRY INDEX LAST % CHANGE
only the Financial and Industrial sectors
ASIAN REGION MSCI APEX 50 874.73 0.49%
retreating off Monday's levels.
JAPAN TOPIX 941.24 -0.04%
JAPAN NIKKEI 225 10,539.60 0.33%
Value turnover expanded to php5.325 billion, CHINA HANGSENG 23,367.00 0.23%
pushing past the year-to-date average, even a the CHINA SHANGHAI 2,984.14 -0.40%
number of shares changing hands remained at the 1.4 TAIWAN TAIEX 8,737.79 0.28%
billion mark. SOUTH KOREA KOSPI 1,999.04 0.95%
AUSTRALIA S&P/ASX 200 4,811.60 0.29%
Advancers continue to trail decliners with today's AUSTRALIA ALLORINDARIES 4,904.70 0.18%
-39 spread adding to the prior day's -14. This NEW ZEALAND NZ50 3,420.44 -0.28%
pushes the year-to-date line lower, and sustains a PAKISTAN KARACHI 100 11,974.50 0.00%
bearish reading. SRI LANKA Sri Lanka Colombo 7,582.55 0.00%
THAILAND SET 1,008.70 0.57%
Inflation is the latest buzzword in the emerging INDONESIA JKSE 3,554.76 -0.20%
markets. Rising oil prices have increased INDIA BSESN 18,453.20 1.26%
inflationary pressures in the Asian region where SINGAPORE Straits Times 3,072.40 0.19%
most incomes are spent on food and fuel MALAYSIA KLSE 1,517.83 0.14%
consumption. This has pushed monetary authorities VIETNAM HO CHI MINH 475.38 1.53%
on the brink of adjusting interest rates higher.
Neighboring Thailand and Korea are both anticipated to tweak their policy rates upwards by 25 basis
points within the week. Malaysia is not seen to be far behind and the Philippines may not be, as
well.

PRELIMINARY OUTLOOK FOR TD047_MARCH 9, 2011

The market's sustained surge may be attributed to positive corporate results for most firms
reporting on their Q4 and Full Year 2010 operations and the anticipation of consequent dividend
declarations from the bigger, blue-chip and high-profit issues. The four-day rush from Friday has
pushed the index 125.16 points or +3.3% past the then resistance line of 3,770. The earnings push
will likely be sustained through mid-month. From thence, the market will have to look into Q1 2011
expectations, factoring in the impact of higher inflation for January and February and a possible
tweak in interest rates maybe within the first semester.

At this point, breaks of the 3,900 mark have been difficult to sustain. Doing so would require
fresher leads beyond earnings. At the top of this list is the resolution to the Libyan crisis, pre-
empting the further spread of the unrest to others, or at the very least a clear path to its
settlement. Over-all we can say that the underlying mood remains optimistic even as such is
tempered, if not significantly dampened, by geopolitical concerns – and the inflation outlook.

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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