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 TD009_2011 for January 14_Friday
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
4,070.11 32.88 0.81% 4,400.18 6,706.13 93 52 39

Outlook for Friday: SECTOR

PHILIPPINE M ARKET
INDEX Pts Change % CHANGE
ALL 3,022.66 10.75 0.36%
The market is poised to end the second week of trades for the new year FINANCIAL 914.30 11.38 1.26%
within, but closer to the lower end, a four-and-a-half-month-old INDUSTRIAL 7,258.47 -5.68 -0.08%
trading band of 4,050 to 4,225. The index chart shows no definitive HOLDING FIRM S 3,267.93 46.00 1.43%
PROPERTY 1,550.89 21.72 1.42%
bias, meriting a continuing neutral technical outlook. The
SERV ICES 1,570.85 5.82 0.37%
fundamentals tell another story. Suffice to say that at present, optimism M INING & OIL 14,017.40 281.02 2.05%
is provided by the latter even as the former advises caution. As of 1210H 13. Jan. 2011

ASIAN M ARKETS
COUNTRY INDEX LAST % CHANGE
ASIAN REGION M SCI APEX 50 897.54 0.43%
JAPAN TOPIX 937.74 0.87%
JAPAN NIKKEI 225 10,589.76 0.73%
CHINA HANGSENG 24,238.98 0.47%
CHINA SHANGHAI 2,827.71 0.23%
TAIWAN TAIEX 8,975.58 0.12%
SOUTH KOREA KOSPI 2,089.48 -0.26%
AUSTRALIA S&P/ASX 200 4,795.20 1.50%
AUSTRALIA ALLORINDARIES 4,901.50 1.44%
NEW ZEALAND NZ50 3,373.70 1.17%
PAKISTAN KARACHI 100 12,459.44 1.45%
SRI LANKA Sr i Lank a Colom bo 7,021.88 -0.03%
THAILAND SET 1,035.08 1.53%
INDONESIA JKSE 3,564.94 0.29%
INDIA BSESN 19,182.82 -1.80%
SINGAPORE Str aits Tim e s 3,255.87 0.34%
M ALAYSIA KLSE 1,571.56 0.32%
V IETNAM HO CHI M INH 484.12 1.19%
BANGLADESH DSE Ge ne r al Inde x 7,575.89 -1.49%
M ONGOLIA M SE Top 20 16,086.80 1.22%
As of 0152H 14. Jan. 2011

The last two sessions, Wednesday and Thursday, shows the return of confidence following a -184.88 points [-4.38%] three-session slide.
Bargain-hunting, it can be said, saved the index from falling through the critical 3,970 support line that would have precipitated a massive sell-
off and cast doubt on the market's prospects early on.
Having said that, however, we find no reason to revise our outlook of “guarded optimism.” Over the period bridging the end of the current
month and the beginnings of the second month, we may see more upside conviction in equities as investors begin to discount q4 and full year
2010 results – both on a macro-economic and individual firm level.
Tempering this will be an expected rise in the Consumer Price Index or inflation with the toll fee hike and fuel price increases starting to show its
impact. Furthermore, mixed signals from Europe, where sentiments shift from one extreme to the other in between days as the saga of the
region's debt crisis unfolds on one hand and growing signs that the US economy is moving towards consolidation on the other, keeps investors
on their toes. Commitment of equity funds to long-term propositions are outweighed by the trading opportunities, and the concomitant risks
offered by volatilities over the short- to medium-term. Volatility in this instance being driven by quickly shifting sentiments.
On a more immediate concern, Friday's session may continue to invite bargain hunters, providing the needed support to keep the index afloat.
The generally rising trend past mid-session yesterday, the positive breadth and the increase in value turnover accompanying the 33-point rise
posits a spill-over of the slight momentum built up. Activity has also been picking up with average traded issues per day at 180 from the first
day's 163. Number of trades, meanwhile, averaged 19,040 as of yesterday from January 3's 17,389. Finally, the ADL for the current year stands
at +44, just one point short of its interim high of +45 with coincident PSE Index readings of 4,202.52 and 4,070.11, respectively. Thus, despite
the market's -3.12% year-to-date losses, the internals suggests the “true” movements are basically level, with a positive bias.
Over the near-term, the index will be testing the 4,130-4,160 resistance band which coincides with the 38.2% and 50% Fibonacci lines. Major
support past the interim 4,050- and psychological 4,000- lines is at 3,970.

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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