ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REPORT _December 16-17, 2010
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
4,057.33 17.93 0.44% 834.42 3,982.69 85 43 47

Daily Wrap: SECTOR INDEX Pts Change % CHANGE

A LL 2,874.30 24.20 0.85%
THE bulls finally got the measure of the bears by midsession, FINANCIA L 913.91 -1.65 -0.18%
wiping out a 13-point deficit and pushing the measure almost INDUSTRIAL 6,922.78 4.48 0.06%
18 points into positive territory. At close, the index managed HOLDING FIRMS 3,317.09 31.99 0.97%
PROPERTY 1,502.94 4.04 0.27%
to hold the 4,000-psychological line while sending it above SERVICES 1,542.69 22.65 1.49%
the bottom edge of the 4,050-4,070 interim support band. MINING & OIL 12,678.38 50.42 0.40%
As of 1207H 12/17/10
Local shares moved alongside most of Asia, with the A SIAN MA RKETS
composite of the region's stocks, MSCI Asia Pacific snapping a COUNTRY INDEX LAST % CHA NGE
three-day decline. Japan, Shanghai and Indonesia however JA PAN TOPIX 903.53 -0.03%
were in the red as of noon. JA PAN NIKKEI 225 10,301.03 -0.10%
CHINA HA NGSENG 22,692.64 0.11%
The advance was fairly broad-based with the All Shares Index CHINA SHANGHAI 2,888.34 -0.34%
doubling the composite's percentage return at 0.85 percent. TAIWAN TAIEX 8,831.50 0.56%
All sectors registered gains except for Bank shares which, as a SOUTH KOREA KOSPI 2,022.22 0.65%
THAILA ND SET 1,030.89 0.13%
whole, fell -0.18 percent. BDO and MBT slipped while BPI
INDONESIA JKSE 3,569.48 -0.06%
was unchanged. INDIA BSESN 19,864.85 1.10%
SINGAPORE Straits Times 3,154.41 0.21%
Gainers ran over losers, 2-to-1 with 47 unchanged.
MALAYSIA KLSE 1,499.67 0.14%
The Dow Jones advanced overnight as numbers on the V IETNA M HO CHI MINH 482.78 0.54%
economy continues to lend optimism that the recovery has As of 1207H 12/17/10

moved to more stable grounds. While it is still not yet out of the woods, the improvements in the jobs market is taken as a good
sign consumer spending, comprising nearly ¾ of its output, will soon pick-up.
A Look Ahead:

The just concluded week provides basis for an improved outlook, not only for the balance of the year, but moving into 2011. This lends
encouragement to trades looking for a short-term profits as well as for positioning portfolios for a more stable growth pace next year.
Corporate year-end window dressing are likewise seen to provide a kick to equity prices in the final two weeks of trades. The only
dampener to the forward outlook remains China and Europe. Although China has kept interest rates steady, its central planners'
stated commitment to move towards a tighter stance next year raises some concerns. China has been leading global recoveries
providing a much needed market for exporting countries goods and services. A tightening may slow such demand and unless the
economies of the West and the developed world begin to show a return to normalcy, growth may be dragged.
On the domestic front, we will be keeping close watch on the movements of foreign funds with the last two weeks shortened by the
holiday season. The markets will be closed on Friday (December 24), Monday (December 27) and Friday (December 31), leaving
investors just 7 sessions to close out the year.
The PSE Index' trading band remains between 3,970 to 4,150.

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.
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