ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
Outlook for Week14_April 4 to April 8_TD 066-070
1 of 2

CATEGORY M EASURE VALUE PREVIOUS W EEK CHANGE% END-DEC2010 CHANGE%

ACTIVITY [YTD
NET VOLUM E 2,191,773,134 2,241,534,147 -2.22% 1,637,867,112 33.82%
DAILY AVERAGES]
NET VALUE 4,401,626,763.00 4,343,620,664.23 1.34% 4,603,800,556.27 -4.39%
ISSUES TRADED 171 172 -0.58% N/A N/A
TRADES 14,794 14,655 0.95% N/A N/A
FOREIGN (BUY) 1,961,386,327.59 1,923,186,114.22 1.99% 1,972,980,083.85 -0.59%
FOREIGN (SELL) 2,027,536,231.20 2,006,286,878.41 1.06% 1,752,691,290.38 15.68%
FOREIGN (NET) -66,149,903.61 -83,100,764.19 -20.40% 220,288,793.48 -130.03%
INDICATORS AD Line -1,062.00 -1,178.00 -9.85% -508.00 109.06%
%K STO(14,3) 99.48 28.53 248.62% 95.12 4.58%
%D (STO(14,3,3) 87.80 31.72 176.81% 72.13 21.72%
RSI(14) 74.91 51.75 44.76% 56.61 32.32%
EM A(10) 3,967.39 3,860.88 2.76% 4,149.40 -4.39%
EM A(50) 3,916.46 3,895.62 0.53% 4,119.42 -4.93%
EM A(150) 3,880.71 3,873.37 0.19% 3,839.39 1.08%

I
PHILIPPINE MARKET STATS
INDEX LAST WEEK% YTD% NVESTORS return to the market this week in want of
PSEI 4,129.54 6.55 -1.70 fresh leads. On the first full week of the second quarter,
ALL 3,043.49 4.08 1.23 the impact of the TEL-JGS deal on DGTL would have lost
FIN 923.13 6.40 -3.99 most of its luster. Attention is expected to refocus to
IND 7,224.16 5.08 0.05 external events which rather took the back seat last week.
HDG 3,494.78 4.39 3.13
PRO 1,537.65 3.83 -2.83 The 6.55% rise, mainly on the back of a strong 12.44% surge in
SVC 1,496.99 12.44 -5.87 the Service sector, has brought the market deep into
M&O 14,503.90 3.53 3.99
overbought territory, raising the scepter of a correction that will
WORLD MARKETS
test the validity and sustainability of the advance. Only the
INDEX LAST WEEK% YTD%
DOW 12,376.70 1.28 6.90
Property sector's STO (14,3,3) leaves some room for a further
S&P 1,332.41 1.42 5.95 upside. The rest of the sub-indices are in the upper half of the
NASDAQ 2,789.60 1.70 5.15 90-100 range.
FTSE 100 6,009.92 1.61 1.86
DAX 7,179.81 3.21 3.84 Philippine equities continue to trail its global peers, which have
CAC 40 4,054.76 1.88 6.57 already registered year-to-date gains. We are joined by disaster
MSCI APEX 50 906.28 3.54 4.64 struck Japan, Taiwan and Singapore under 2010 closing levels.
TOPIX 862.62 0.61 -4.03 US and European markets are all in the green over the same
NIKKEI 225 9,708.39 1.81 -5.09 period.
HANGSENG 23,801.90 2.78 3.33
SHANGHAI 2,967.41 -0.35 5.67
Average Daily Value turnover picked up after last week's trades,
TAIEX 8,705.13 1.10 -2.98
bringing the year-to-date level at php4.401 billion, 1.34% more
KOSPI 2,121.01 3.26 3.41
S&P/ASX 200 4,861.80 2.51 2.46
than the prior week's end but still -4.4% less than the full year
ALL ORDINARIES 4,954.60 2.36 2.22 2010 average.
NZ50 3,452.14 1.87 4.32
SET 1,064.35 2.57 3.06 More importantly, foreign activity has picked up with their
JKCI 3,707.49 2.78 0.11 aggregate daily average purchases rising by nearly 2%
BSESN 19,420.40 3.21 -5.31 compared to a 1% increase in sales. This narrows the net
Straits Times 3,120.47 1.62 -2.18 average daily sales to only -php66 million from over -php80
KLCI 1,555.38 2.63 2.40 million a week ago.
HO CHI MINH 459.17 0.31 -5.26
A major influence this week will be anticipation on March
inflation, seen to be released towards the latter part of the week. Its impact may be muted however, with the market already
expecting a figure a tad higher or at least in line with February's 4.3%. The number stood at 3.5% in January.

Trades moving forward will be a balance of developments in the MENA region, Europe's debt crisis, Japan's reconstruction and
recovery efforts, China's inflation and continuing restrictive monetary stance and the pace of US economic recovery. Technical
signals will likewise provide entry and exit guidance over the short term.

We may see the index testing support levels initially at the 4,050-4,070 range and past that, the major 3,970-4,000 band.
Such test may come early in the week as investors book gains made over the exuberant welcome of the telco deal and
corporate quarter-end window dressing. Alternatively, momentum carried over from last week may see an attempt to push
towards the 4,200-line. We proceed still with our optimistic, but guarded outlook, particularly as we begin to factor in
expected Q1 numbers.

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.
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
Outlook for Week14_April 4 to April 8_TD 066-070
2 of 2

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.