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_ TD031-32_February 14-15, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,796.73 47.58 1.27% 904.05 3,742.27 81 40 34

Daily Wrap PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
INVESTORS turned optimistic after the resolution of the Egyptian ALL 2,903.06 15.09 1.27%
political crisis over the weekend. President Hosni Mubarak finally FINANCIAL 836.24 9.19 1.11%
gave in to protesters' demand for him to step down, handing over INDUSTRIAL 6,669.11 44.61 0.67%
the reins of government to the military. This allowed markets to HOLDING FIRMS 3,101.80 41.26 1.35%
focus on fundamental factors previously ignored in the face of the PROPERTY 1,424.56 31.47 2.26%
Egyptian turmoil. SERVICES 1,480.36 2.55 0.17%
MINING & OIL 13,731.28 199.08 1.47%
The PSE Index climbed 47.58 points or 1.27% to close at 3,796.73. As of 1210H End of Day
Value turnover was relatively weak, however, reaching only ASIAN MARKETS LATEST UPDATE
php3.742 billion, way below the year-to-date averages. Advancers COUNTRY INDEX LAST % CHANGE
outran decliners 2-to-1. ASIAN REGION MSCI APEX 50 860.88 1.72%
JAPAN TOPIX 959.19 1.33%
All sectors posted gains led by Property stocks' 2.26% romp. JAPAN NIKKEI 225 10,725.54 1.13%
Service and Industrial counters trailed with less than one percent CHINA HANGSENG 23,121.06 1.28%
gains. CHINA SHANGHAI 2,899.13 2.54%
TAIWAN TAIEX 8,685.47 0.88%
Citing the still positive real rates of interest, the BSP eased fears SOUTH KOREA KOSPI 4,289.48 2.25%
domestic inflation will follow the trends among emerging AUSTRALIA S&P/ASX 200 4,935.80 1.12%
AUSTRALIA ALLORINDARIES 5,023.40 1.06%
economies even as it admitted pressures were rising. The Bank
NEW ZEALAND NZ50 3,383.47 0.48%
estimates 2011 CPI to rise 4.4%, before slowing to a 3.5% pace in
PAKISTAN KARACHI 100 11,946.09 0.02%
2012.
SRI LANKA Sri Lanka Colombo 7,811.82 2.97%
THAILAND SET 967.07 1.84%
Japan's GDP contracted in Q4 2010 to an annualized pace of
INDONESIA JKSE 3,416.77 0.74%
-1.1%, following a 3.3% expansion in the preceding quarter.
INDIA BSESN 18,202.20 2.67%
Slower exports and the fading impact of an economic stimulus
SINGAPORE Straits Times 3,104.42 0.88%
package presented the main drags. The country gave up its 2nd MALAYSIA KLSE 1,505.33 0.72%
rank among world economies to China. VIETNAM HO CHI MINH 514.05 -1.14%
BANGLADESH DSE General Index 6,527.19 0.00%
MONGOLIA MSE Top 20 29,550.50 7.10%
LAOS Laos Composite 1,646.05 4.75%
As of 1250H 2/15/11

OUTLOOK FOR TUESDAY,_February 15, 2011

The Valentine day action effected slight shifts in bias in the daily
charts, even as it stays under a year-long downtrend. The thin
volume and value turnover nevertheless keeps the question of
sustainability high on the list of priorities. A suggestion of a possible
“reversal” of the negative trend will occur if and when the index
breaks through the 4,010 barrier today, Tuesday. The slope of the
line drawn from the 4,217.25 peak 21 days ago measures -9.87.
Thus, ceteris paribus, the trend break off point is lower by such
amount at each succeeding day. Over the next ten (10) sessions, the
reversal point falls to 3,911.28. Thus, it would seem like the market
will take some time to return to a bullish proposition.

Having said that, a potential upside break of the STO trigger line,
simultaneous with it emergence from oversold territory for the second
time in the last 5 sessions, plus a similar directional movement in the
MACD vis-a-vis the signal line, posits a near-term upside. The first
target is presented by the 3,830-line and a reaction pullback to no
less than 3,785.

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