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_ TD53-54_March 17-18, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

3,878.44 -17.87 -0.46% 1222.93 5121.87 68 60 40

TRADING HIGHLIGHTS PHILIPPINE MA RKET , DA ILY ST A T S

SECT OR INDEX Pt s Ch a n ge % CHA NGE
SLOWER remittances and a higher jobless rate for
January added to investors' concerns, already A LL 2,906.18 -1.46 -0.05%
weighed down by Japan, extending the market's FINA NCIA L 862.26 3.54 0.41%
losses. Overshadowed were the positive fiscal
INDUST RIA L 6,875.43 16.27 0.24%
performance and the Fed's upgrade of its outlook for
the US economy. HOLDING FIRMS 3,333.70 10.93 0.33%
PROPERT Y 1,480.84 0.11 0.74%
The PSE Index turned back an early, marginal 5 points gain,
SERV ICES 1,349.89 -39.59 -2.85%
plunged depths of 31.30 points approaching the 3,870-support.
This served as a signal for bargain hunters, technical traders MINING & OIL 14,010.18 130.49 0.94%
and long-termed funds to step in, narrowing losses to -17.87 A s of 1230H En d of Da y
points to close at 3,878.44.
A SIA N MA RKET S LA T EST UPDA T E
Japanese markets Topix and the Nikkei bounced off massive COUNT RY INDEX
drops the previous day, rising 5.11% and 4.37% as of noontime A SIA N REGION MSCI A PEX 50 839.69 0.10%
Manila. Whether this reflects the impact of the BOJ's
JA PA N T OPIX 805.90 5.11%
aggressive injection of liquidity or a mere technical rebound
will be “judged” in the coming days. JA PA N NIKKEI 225 8,981.14 4.37%
CHINA HA NGSENG 22,582.90 -0.42%
Earlier, the Federal Reserve upgraded it outlook for the
American economy even as it affirmed the US$600 billion CHINA SHA NGHA I 2,909.18 0.45%
stimulus package through June. It sees the impact of higher T A IWA N T A IEX 8,293.27 0.71%
energy prices as “temporary.” SOUT H KOREA KOSPI 1,939.40 0.80%

Value turnover reached php5.121 billion, exclusive of block A UST RA LIA S&P/A SX 200 4,539.70 0.24%
sales, while volume reached 1.222 billion. Advancers tripped A UST RA LIA A LLORINDA RIES 4,623.20 0.29%
decliners by +8 (68 vs 60) with 40 issues unchanged. NEW ZEA LA ND NZ50 3,333.97 0.60%

PRELIMINARY OUTLOOK FOR TD053_MARCH 16, T HA ILA ND SET 1,007.30 0.42%

2011 INDONESIA JKSE 3,496.38 -0.80%
INDIA BSESN 18,167.60 -1.47%
The Main index has dropped for four straight sessions
beginning Friday bringing losses to -81.5 points or -2.05%. SINGA PORE St ra it s T im es 2,952.45 0.22%
The proximity of the twin disasters that hit Japan which MA LA YSIA KLSE 1,485.97 0.12%
occurred also Friday, makes it an easy target of blame. While V IET NA M HO CHI MINH 465.85 -0.62%
this is not far from the truth, we find that a contrary stance
may provide investors near-term opportunities. www.bloom berg.com a s of 1158H 3/16/11

First, from a technical standpoint, the further a decline in share prices extends, the more intense expectations of a rebound
becomes. The near-term market action brought the measure from 3,730.84 to 3,959.94 or gains of 229.1 points [+6.1%]
over a period of 10 sessions. This defines critical retracement lines at 3,872.94, 3,845.39 and 3,818.26. Twice the first line
was broken in intraday trades, but bargain hunters entered the picture soon enough to propel the market back above it.
Given present conditions, both in the domestic economy, the geopolitical risks overseas and Japan's dilemma, the market
appears bent on “respecting” the 3,870-level.

Second, although much of the world's attention is directed at Japan since Friday, the fact remains that the real threat to
sustaining global recovery is the still brewing conflict in the Arab region, particularly as it impacts on oil prices. This may

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 & OUTLOOK_ TD53-54_March 17-18, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

3,878.44 -17.87 -0.46% 1222.93 5121.87 68 60 40

dampen growth in emerging economies as inflation kicks in, adding pressure for central bankers to raise interest rates.
The Philippine economy is not spared from this possibility. Should this happen, it may cause a domino effect on
consumption, demand as well as business costs, resulting to narrower margins. On one hand, the outlook for Q1 2011
earnings may have begun to dim, adding to the pessimism in equities. We will get more light on this as we move forward.

Third, behind all these seemingly gloomy scenarios, there are positives that periodically emerges from the woodwork. The
US is picking up, so much so that the Fed has deemed it fit to revise their outlook upwards. European leaders have shared
the same track en route to designing a lasting solution to its debt burdens. And, the Philippines' fiscal position, at least for
January, provided the biggest surprise.

Having said that, the uncertainties introduced by Japan, Libya and other Arab nations, China and still, Europe will hover
above, and influence short-term trading strategies. The long-term may have lost some of its luster but remains positive,
nonetheless.

Again, we remain guardedly optimistic.

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