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_ TD046-47_March 7-8, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,868.48 3.77 0.10% 1,412.36 3,500.64 51 65 49

TRADING HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
SHARE PRICES ended the session flat at 3,886.48, ALL 2,924.29 -3.33 -0.11%
trimming gains of as much as 22.35 points to just FINANCIAL 856.44 5.63 0.66%
3.77 points at the final bell. The Broader All INDUSTRIAL 6,838.63 -15.17 -0.22%
Shares Index slipped -3.33 points or -0.11% to HOLDING FIRMS 3,293.35 3.24 0.10%
2,942.29. PROPERTY 1,460.19 2.19 0.15%
SERVICES 1,425.05 0.46 0.03%
Asian markets were generally lower with the Nikkei MINING & OIL 13,863.09 -166.76 -1.19%
giving up -1.33% as of noontime, Manila. Hangseng As of 1210H End of Day
ASIAN MARKETS LATEST UPDATE
slipped -0.21% while its Mainland counterpart in
COUNTRY INDEX LAST % CHANGE
Shanghai is up 1.44%.
ASIAN REGION MSCI APEX 50 872.90 -0.60%
JAPAN TOPIX 943.97 -1.22%
Volume and value turnover fell below their year-to- JAPAN NIKKEI 225 10,551.90 -1.33%
date daily averages by -46% and -20.5%, CHINA HANGSENG 23,360.80 -0.21%
respectively. CHINA SHANGHAI 2,984.53 1.44%
TAIWAN TAIEX 8,732.75 -0.59%
Advancers trailed decliners, 51-65, keeping the SOUTH KOREA KOSPI 1,986.08 -0.93%
year-to-date AD Line in a defined downtrend. AUSTRALIA S&P/ASX 200 4,797.40 -1.38%
AUSTRALIA ALLORINDARIES 4,895.90 -1.26%
PRELIMINARY OUTLOOK FOR TD047_MARCH 8, 2011 NEW ZEALAND NZ50 3,430.33 0.36%
PAKISTAN KARACHI 100 12,000.00 0.00%
As yesterday's close, five (5) new index component SRI LANKA Sri Lanka Colombo 7,664.72 1.86%
counters entered “overbought” territory in terms of THAILAND SET 998.72 0.28%
its STO(14,3,3) value. This brings to ten (10) the INDONESIA JKSE 3,544.60 0.05%
roll of “overbought” counters which should be prime INDIA BSESN 18,291.90 -1.05%
candidates for profit-taking. This group of SINGAPORE Straits Times 3,068.08 0.22%
“overbought” stocks account for nearly one-third MALAYSIA KLSE 1,515.85 -0.44%
(1/3) of the PSEI market capitalization. If we VIETNAM HO CHI MINH 466.84 1.66%
include those stocks suggests a sell, the
population rises to 17, more than half the index' number and accounting for 57% of the PSEI market
cap. If trades follow technical suggestions, this would be too much weight that provides the pull,
preventing a sustained rise.

Alternatively, seven (7) issues from the Main group, accounting for 37% slice of the index market
cap pie, posits a buy. This should be the counterbalancing force providing support and buffer
against an anticipated profit-taking induced “correction.”

On a broader scale, yesterday's marginal rise accompanied by relatively weaker value and volume
turnover highlights investors' growing apprehension on the sustainability of the rally given the
still uncertain geopolitical conditions in the North African-Middle East region. The most obvious
impact of which is on the consumer price index (consequently, interest rates) and unemployment. If
the situation overseas persists and drags, the elements akin to what is referred to as “stagflation”
emerges.

Support and resistance levels are pegged at 3,830 and 3,900, respectively.

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 1