ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD033-34_February 16-17, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,812.04 21.26 0.56% 771.22 5,023.02 66 56 51

Daily Wrap PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
LOCAL share prices overcame an early sell-off which ALL 3,025.92 65.29 2.21%
pushed the measure lower through the first half-hour FINANCIAL 836.10 -0.52 -0.06%
before buyers entered the picture to send the PSE Index INDUSTRIAL 6,734.80 56.48 0.85%
21.26 points (0.56%) higher at 3,812.04. The broader HOLDING FIRMS 3,141.80 27.14 0.87%
All Shares Index slipped half-a-point to 836.10. PROPERTY 1,444.54 26.49 1.87%
SERVICES 1,455.93 -6.84 -0.47%
Financial and Service counters slipped less than a MINING & OIL 13,653.58 -64.25 -0.47%
As of 1210H End of Day
percent, deviating from the over-all trend. Advancers
ASIAN MARKETS LATEST UPDATE
edged decliners, 66-56 with 51 issues unchanged. Value
COUNTRY INDEX LAST % CHANGE
turnover jumped to php5.023 billion even as volume ASIAN REGION MSCI APEX 50 859.51 0.27%
remained a low 771.22 million shares. JAPAN TOPIX 969.43 0.71%
JAPAN NIKKEI 225 10,819.91 0.68%
Asian markets were generally higher as the local market CHINA HANGSENG 23,041.72 0.62%
closed at noon as economic reports indicated a stronger CHINA SHANGHAI 2,904.97 0.23%
global recovery. TAIWAN TAIEX 8,734.65 0.15%
SOUTH KOREA KOSPI 2,015.53 0.25%
However news that late rains may fail to avert damage AUSTRALIA S&P/ASX 200 4,930.80 0.00%
wheat crops in China, the world's largest producer, may AUSTRALIA ALLORINDARIES 5,019.10 -0.01%
add to further inflationary pressures. NEW ZEALAND NZ50 3,384.48 -0.17%
PAKISTAN KARACHI 100 12,077.84 1.10%
US stocks slipped as retail sales grew at its slowest SRI LANKA Sri Lanka Colombo 7,607.79 -2.61%
pace since June, failing to match economists' and THAILAND SET 976.82 0.86%
analysts' forecast and import prices climbed at a pace INDONESIA JKSE 3,402.67 -0.41%
exceeding estimates. The Dow fell -41.55 points or INDIA BSESN 18,270.52 -0.02%
SINGAPORE Straits Times 3,079.55 -0.04%
-0.34% to 12,226.64 while the S&P 500 retreated off its
MALAYSIA KLSE 1,502.59 -0.18%
32 month high by -0.34 points to 1,328.01. The Nasdaq
VIETNAM HO CHI MINH 513.11 -0.92%
shed -12.38 points or -0.46% to 2,804.35.
BANGLADESH DSE General Index 5,926.35 6.22%
MONGOLIA MSE Top 20 31,201.20 5.59%
European markets rose except for London's FTSE which LAOS Laos Composite 1,576.74 -4.21%
gave up -23.01 points to 6,037.08. The economy is As of 1254H 2/16/11
struggling with accelerating inflation, raising concerns
over the direction of interest rates. German investor
confidence however, continued to rise for a fourth month, lending support to the DAX50's almost flat close at
7,400.04 (+3.41 points, +0.05%). The French bourse gained 13.72 points (0.33%) to 4,110.34.

Here at home, the expected surge in OFW remittances exceeded estimates as it rose 8.2% in 2010 to a cumulative
total of US$18.8 billion, a record. December contributed US$1.7 billion. The tally accounts for 10% of GDP.
The deployment of Filipino workers continues to be strong with January showing 7,822 or 16.9% of 46,238 job
orders processed.
Over the last 12 months, the Peso has gained 4.20% or
OFW Remittances 6 yrs php1.92 to the US dollar. This “eats up” on the
purchasing power of the dollars sent home by OFW's even
20,000.00
18,000.00 as domestic inflation has remained within the
16,000.00 government's official band. Property developers'
14,000.00 affordable housing segment targets this market and the
12,000.00 combination of rising remittances, benign inflation and
10,000.00
8,000.00
low interest rates make it easier for them to push their
6,000.00 products. This explains the overriding concern over the
4,000.00 possible direction of inflation, which kicked up to 3.5%
2,000.00 in January and its impact on interest rates. The BSP
-
did not make any adjustments to the policy rates at its
2005 2006 2007 2008 2009 2010
last meeting (February 10), holding overnight borrowing

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 REVIEW & OUTLOOK_ TD033-34_February 16-17, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,812.04 21.26 0.56% 771.22 5,023.02 66 56 51

and lending rates at 4.0% and 6.0%, respectively. Still on the sector, prices of construction materials jumped
0.4% in January from 0.3% in December. Year-on-year however, prices eased to 3.3%

PRELIMINARY OUTLOOK FOR THURSDAY_February 17, 2011

The market has drawn an uptrend over the last four (4) sessions following an almost unabated free-fall since the
beginning of the year. While this does not significantly alter the index chart, which continues to draw a
general downtrend, there are improvements in the underlying indicators which lend confidence the near-term may
turn positive. On the fundamental side, we had expected this on the back of the onset of the earnings season.

STO(10,6,6) pierces the almost flat trigger line as

it emerges from oversold territory. Theoretically,
these are twin buy signals which will be confirmed by
another dip to the oversold territory before a
sustained upside break ensues. MACD, on the other
hand, continues to show the slowing of selling
pressures with the MACD (12,26) line poised to make a
bullish crossover of the signal line, even as it
remains deep in negative territory. Again, this is
suggestive of a near-term upside action. Finally,
the AccDist chart supports both contentions as it
shows a growing bias for accumulation – a similar
picture drawn by the value turnover weighted Money
Flow Index (MFI[14]).

Wednesday trades, which saw the index breach the

3,800 line for the first time since February 9's
close at 3,843.37, accompanied by a surge in value
turnover is another positive sign at least over the
near term. Initial market support lies at 3,770-
3,790 with resistance at the 3,830-3,850 band.

CORPORATE NEWS & DISCLOSURES

i-RIPPLE INC. [pse: RPL]

Disc. No. 2011-1303 DIVIDEND DECLARATION
The Board of Directors has authorized the declaration of a php0.15 cash dividend to its shareholders. Ex-
dividend date is on February 25 (which may be reset since the 25th was declared a holiday) with record date on
March 2nd. The aggregate amount of php2.3 million will be paid out on or before March 28,2011. Based on the
closing price of php4.18, the current dividend yield is at 3.6%. With the market deep in negative territory on
the year-to-date, the 3.6% yield qualifies as a good dividend play. The stock remains in-the-money unless price
falls to below php4.03. The only problem with the issue is its liquidity. Over the last seven sessions, volume
turn-over hardly breached the 10,000 mark. It has traded at a 10% band for much of the year between php4.00 and
php4.40.

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