ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
D A I LY W R A P & O U T L O O K_ T D 66-67_April 4-5, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
4,209.43 79.89 1.93% 1,575.61 5,821.76 102 36 39

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
THE market continued to push north as the first full week of the
ALL 3,086.73 43.24 1.42%
second quarter opened. The index has now risen in five of the
last six session. Asia is trading generally higher, carrying over FINANCIAL 942.98 19.85 2.15%
the momentum from last week and aided by positive closes in the INDUSTRIAL 7,374.24 150.08 2.08%
Dow and in Europe Friday. HOLDING FIRMS 3,543.77 48.99 1.40%
PROPERTY 1,566.68 29.03 1.89%
The PSEI added 79.89 points, breaking the 4,200-line and sustaining SERVICES 1,521.48 24.49 1.64%
it through the close at 4,209.43. This puts the market's year-to-date
MINING & OIL 14,725.78 221.92 1.53%
return marginally in positive territory, joining global indexes and
leaving a few Asian peers in the negative. AS of 1210H End of Day
ASIAN MARKETS LATEST UPDATE
The advance was broad-based with all sectors in green with the COUNTRY INDEX LAST % CHANGE
Mining and Oil and Property sectors rising the “least” with 1.44% ASIAN REGION MSCI APEX 50 912.36 0.67%
and 1.58%, respectively. Financial stocks continued to lead the JAPAN TOPIX 865.14 0.29%
market pulled up by earnings. Bangko Sentral numbers show that
JAPAN NIKKEI 225 9,778.28 0.72%
Phiippine UKB's profits rose over 30% last year. Banco De Oro
Universal Bank (pse: BDO) posted a 46% jump in earnings, CHINA HANGSENG 24,058.30 1.08%
Metropolitan Bank & Trust Corporation(pse: MBT) +24.0% and CHINA SHANGHAI 2,967.41 1.34%
Bank of the Philippine Islands (pse: BPI) registered record levels. TAIWAN TAIEX 8,705.13 0.25%
Share prices of the three climbed today: BDO (PHP53.25, +1.43%), SOUTH KOREA KOSPI 2,112.66 -0.39%
MBT (php68.45, +4.90%) and BPI (php60.35, +2.29%.) AUSTRALIA S&P/ASX 200 4,893.80 0.66%
AUSTRALIA ALLORINDARIES 4,990.90 0.73%
Advancers routed decliners almost three-to-one, continuing the trend
last week. Volume and value turnover reached 1.575 billion and NEW ZEALAND NZ50 3,455.60 0.10%
php5.861 billion, respectively. THAILAND SET 1,064.35 1.61%
INDONESIA JKSE 3,701.76 -0.15%
At the moment, the market appears to have pushed inflation concerns INDIA BSESN 19,420.40 -0.13%
to the sidelines. The number is to be reported tomorrow, with SINGAPORE Straits Times 3,140.66 0.65%
consensus pointing at a still higher pace than March's 4.3 percent.
MALAYSIA KLSE 1,557.27 0.12%
OUTLOOK for TD 067 APRIL 5 VIETNAM HO CHI MINH 458.75 -0.09%
www.bloomberg.com as of 1153H 4/5/11
On the surface, it does seem ironic that the market has been able to
sustain its rise even as the developing trends on the macro-levels seems to have “weakened” relative to expectations at the beginning of
the year. The Middle East troubles, the residual effects of the twin disasters and the radiation threat that bothers Japan, and the re-
emergence of Europe's debt troubles (with signs the ECB may soon adjust rates upward even as three members missed their deficit-to-
GNP targets,) conventionally and traditionally kept investors on the sidelines with minimal, controlled exposure to equities. The price
pressures wrought by these continuing events keeps the inflation and, consequently, interest rate expectations on the “rising” side.

The extended rise of the index opens the possibility of an impending, but healthy correction even larger. A further rise in inflation
numbers will increase the bets that the Monetary Board will raise interest rates further. This will directly impact on interest rate sensitive
Property sector and may have medium- to- long term impact on Banks' bottomlines. With only psychological momentum carrying the
market, and prospects of profit-taking in light of the market's sustained advance, we advise investors to stay cautious.

Immediate support at 4,170 with resistance at 4,250.

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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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