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 _ TD76-77_April 18-19, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged
4,269.19 17.55 0.41% 1,672.19 4,220.71 60 60 52

MARKET WRAP & HIGHLIGHTS P H I LI P P I N E M AR K E T , DAI LY S T AT S

S E CTOR I N DE X P ts C ha ng e % C H AN G E
INVESTORS borrowed optimism from the Dow's rise ALL 3,094.50 9.76 0.32%
Friday, ignoring developing and continuing risks in FI N A N C I AL 947.93 2.75 0.29%
Europe and the MENA region. I N DU S T R I AL 7,365.17 1.83 0.02%
H O LDI N G FI R M S 3,560.04 -12.30 -0.34%
It was a rather tentative opening however, with the PROPE RTY 1,627.25 -0.56 -0.03%
index even dipping -4.15 points in early trades, before S E RVICE S 1,541.84 20.21 1.33%
select purchases on first and second-line counters M INING & OIL 15,315.86 124.53 0.82%
AS of 1210H E nd of Da y
pushed the measure higher by 25.54 points past the
AS I AN M AR K E T S LA T E S T U P DAT E
first hour. A dip to a reaction low and the measure
COUNTRY I N DE X LAS T % C H AN G E
bettered the intra-day high before eventually settling
AS I A N R E G I O N M S C I A P E X 50 916.11 0.19%
for a 17.55 advance to 4,269.19 – a hair below the J A P AN TOPIX 839.26 -0.24%
upper limit of the resistance band. J A P AN N I K K E I 225 9,573.04 -0.19%
CHINA H AN G S E N G 24,088.20 0.33%
Gainers matched losers, 60-60 while 52 stocks traded CHINA S H AN G H A I 3,059.49 0.29%
unchanged. Value turnover was weaker than the year- T AI WAN T AI E X 8,742.30 0.28%
to-date average at php4.221 billion with 1.672 billion S OUTH K ORE A K OS PI 2,142.60 0.10%
shares changing hands. AU S T R ALI A S & P /AS X 200 4,875.60 0.48%
AU S T R ALI A ALLO R I N DAR I E S 4,961.30 0.45%
The US market actually slipped -0.31% on the week N E W Z E ALAN D N Z 50 3,463.59 0.32%
even as it keeps a decent 6.60% year-to-date gain. T H AI LAN D S ET 1,085.34 0.04%
Economic data due this week are seen to lend more I N DO N E S I A JK S E 3,731.33 0.02%
confidence to the recovery, even as the actual pace I N DI A BS ES N 19,389.70 0.02%
S I N G AP O R E S tra its T im es 3,165.28 0.38%
will continue to manifest the challenges ahead,
M ALAY S I A K LS E 1,529.32 0.48%
particularly in the housing market. Existing home
VIE TNAM HO CHI MINH 456.77 -0.91%
sales are due Wednesday while the Leading Economic
w ww .bloom berg .c om a s of 1145H 4/18/11
Indicators series and weekly initial jobless claims are
scheduled for release Thursday. All are expected to post better-than-previous month's numbers.

In Europe meanwhile, price pressures are building raising warnings of a possible bias towards a more
restrictive monetary policy. The regional group's inflation rose 2.7% in March, following a 2.4% increase in
February. The ECB is challenged to balance the impact of a booming German economy without compromising
efforts to address the sovereign debt crisis along the euro-zone periphery. Germany, whose deficit is seen to
fall to 2.0% of 2011 GDP, has hinted at its unwillingness to to add more money to the zone's emergency fund.
Greece, the first euro economy to avail of bail-out financing, will undergo an audit in June. The government
has already put in place a 74 billion euro austerity measure to avoid having to restructure its debts. The
results of such audit early in Q3, may potentially cause some ripples, positive or negative, in global financial
and capital markets.

Global inflation and Europe's problems have contributed to a rise in gold prices to a record while silver pushes
past a three-decade peak. China raised bank reserve requirements anew by 50 basis points to 20.5% effective
Thursday, April 21.

, 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.
DAILY Report Page 1 of 2
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 _ TD76-77_April 18-19, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged
4,269.19 17.55 0.41% 1,672.19 4,220.71 60 60 52

OUTLOOK for TD 074 APRIL 14

US futures are in the red as the local market closed at noon, indicating a possible follow through of last
week's -0.3% loss. As mentioned on top, US numbers due to be reported this week are expected to show
improvements. Nevertheless, the results fall short of over-turning prior month's losses. This is particularly
true of the housing market – the economic segment at the core of the recent recession.

The market failed to break through the 4,270 resistance on the first day of a shortened trading week.
Significant advances today may introduce profit taking entering an extended weekend. The improving
economic numbers however provide investors enough reason to continue to look out for bargains.

We expect the index to continue to hold within the consolidation band, pushed marginally towards a positive
bias by positioning for anticipated Q1 2011 earnings, which in turn is tempered by the risks over an extended
weekend.

, 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.
DAILY Report Page 2 of 2