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 _ TD91-92_May 11-12, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged
4,335.04 31.91 0.74% 677.18 4,342.52 76 56 43

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SEC TOR INDEX Pts C hange % C HANGE

A SUSTAINED rise is the Dow overnight rubbed off

on markets across the Asia Pacific, including the
Philippines. Not even lingering concerns over
ALL
FINANCIAL
INDUSTRIAL
3,017.86
955.61
7,159.60
13.17
3.03
0.90
0.44%
0.32%
0.01%
China's inflation, the budget deadlock in the US, and HOLDING FIRMS 3,619.61 59.50 1.67%
disappointing earnings by an index-heavyweight PROPERTY 1,586.35 17.11 1.09%
pulled sentiments. SERVICES 1,581.67 3.83 0.24%
MINING & OIL 17,787.20 90.88 0.51%
At the close of trades, the PSE Index was 31.91 points AS of 1210H End of Day
(0.74%) higher at 4,335.04, pushing the week's three-day ASIAN MARKETS LATEST UPDATE
gains to 115.97 points or 2.75 percent, its highest close for C OUNTRY INDEX LAST % C HANGE
the year extending back to the last seven (7) months. All ASIAN REGION MSCI APEX 50 917.80 0.75%
sectors moved in line led by Holding Firms and Property JAPAN TOPIX 860.25 0.44%
groups' 1.67% and 1.09% rise. JAPAN NIKKEI 225 9,884.20 0.67%
CHINA HANGSENG 23,402.10 0.28%
Volume turnover thinned to 677.18 million, with trading in CHINA SHANGHAI 2,894.33 0.13%
big-lot counters LC, LCB, MA, MAB as well as mining blue- TAIWAN TAIEX 9,040.13 0.19%
chip PX, were suspended, pending submission of related SOUTH KOREA KOSPI 2,156.58 0.81%
material information and disclosures on deals involving the AUSTRALIA S&P/ASX 200 4,770.60 0.95%
said Companies. AUSTRALIA ALLORINDARIES 4,850.00 0.97%
NEW ZEALAND NZ50 3,556.35 0.78%
Value turnover, nevertheless, stayed near the average, at THAILAND SET 1,091.73 0.57%
php4.342 billion. INDONESIA JKSE 3,818.41 0.47%
INDIA BSESN 18,545.80 0.18%
Advancers stayed ahead of decliners, 76-56, with 43 SINGAPORE Straits Times 3,170.72 0.46%
unchanged. MALAYSIA KLSE 1,536.41 0.86%
VIETNAM HO CHI MINH 483.15 0.39%
Stocks across Asia were trading in the green at the local w w w .bloomberg.com as of 1215H 5/11/11
market's close, pushed by advances in oil and metals
prices. Earnings in Japan contributed to the day's positive spin.

Preliminary OUTLOOK for TD92_May 12, 2011

US market futures are just slightly into positive territory as investors await tonight's trade balance and crude oil inventories
numbers. Forecast figures place the latest results as marginally worse off than the previous periods'. The trade deficit is
seen to expand to US$46.8 billion from US$45.8 billion while their stock of crude oil is seen to fall further to 1.1M from
3.4M.

The suspension of trades in the shares of three companies significantly dries up volume turnover, even as values remain
by and large the same. A couple of good earnings reports should keep interest in equities heightened, providing support to
the index.

On the technical front, the market has been able to ease off the overbought territory in the drops last week. This should
create enough breathing room for an earnings-induced push as we move deeper into the reporting season.

Support line is raised on the interim to 4,300, with a critical pull-back line still drawn at 4,270. Resistance builds up on the
approach toward 4,370-4,400.

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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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