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_ TD038-39_February 23-24, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,757.04 -27.03 -0.71% 3,901.54 3,412.78 46 89 32

Daily Wrap PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
LOCAL SHARE PRICES fell in early trades, pulled by the weight ALL 2,894.93 -32.64 -1.11%
of a global sell-off punctuated by the Dow's 178.46 points FINANCIAL 823.17 -4.76 -0.57%
meltdown as Libyan leader Muammar Qaddafi took a hard-line INDUSTRIAL 6,642.77 -62.44 -0.93%
stance against those demanding his removal, intensifying HOLDING FIRMS 3,116.51 -26.27 -0.84%
tensions in the oil-rich Middle East region. Bahrain, Yemen PROPERTY 1,420.19 3.20 0.23%
and Algeria are on a similar boat, inspired by the successful
SERVICES 1,410.84 -23.66 -1.65%
uprisings in Egypt and Tunisia. Nevertheless, a re-emergence
MINING & OIL 13,564.29 97.57 0.72%
of bargain-hunters and technical punters by mid-session
As of 1210H End of Day
narrowed losses.
ASIAN MARKETS LATEST UPDATE
The PSEi slipped by as much as -78.49 points off the opening COUNTRY INDEX LAST % CHANGE
bell, yet rallied and trended trended higher past the first ASIAN REGION MSCI APEX 50 845.10 -0.74%
half hour, erasing nearly two-thirds of the losses to end the JAPAN TOPIX 946.88 -1.03%
session at 3,757.04, managing to hold the 3,730-support line. JAPAN NIKKEI 225 10,579.10 -0.80%
Property as well as Mining and Oil counters defied the trend, CHINA HANGSENG 22,906.90 -0.36%
marginally rising 0.23% and adding 0.72%, respectively. CHINA SHANGHAI 2,862.83 0.25%
TAIWAN TAIEX 8,528.94 -1.67%
The Dow retreated to 12,212.79, managing to restore and hold SOUTH KOREA KOSPI 1,961.63 -0.23%
an intermediate support at 12,200. It dropped to a low of AUSTRALIA S&P/ASX 200 4,845.90 -0.22%
12,176.31 or -214.94 points half-an-hour before the closing AUSTRALIA ALLORINDARIES 4,395.60 -0.24%
bell. The S&P 500 and the Nasdaq gave up more than 2.0% each. NEW ZEALAND NZ50 3,372.07 0.40%
PAKISTAN KARACHI 100 11,523.40 -1.08%
Oil prices rose to US$95.65, roughly 8.5% higher than month- SRI LANKA Sri Lanka Colombo 7,548.86 0.45%
ago levels. Brent crude broke the US$100-per barrel mark, THAILAND SET 990.91 0.37%
settling at US$105.08 in London. Gold climbed to a seven- INDONESIA JKSE 3,474.12 0.67%
week high at US$1,403.75 an ounce which silver reached a 30- INDIA BSESN 18,178.30 -0.64%
year top of US$33.5175 an ounce. Evidently, investors are SINGAPORE Straits Times 3,001.85 -0.57%
moving to perceived safer havens. MALAYSIA KLSE 1,511.11 -0.17%
VIETNAM HO CHI MINH 470.67 0.14%
Qaddafi has sworn to “fight to the last drop of his blood'”
BANGLADESH DSE General Index 6,018.48 -2.51%
seen by political analysts as an indication he won't pull
MONGOLIA MSE Top 20 32,192.80 4.30%
back, even if it means inflicting a massacre on his own
LAOS Laos Composite 1,387.05 -2.69%
people. Libya is the 18th largest oil producer with daily
output of 1.55M barrels. The four nations experiencing As of 2249H 2/23/11
political upheavals combine for less than 5.0% of the world's
total.

PRELIMINARY OUTLOOK FOR THURSDAY,_February 24, 2011

After having broken under the 3,800 mark, investors will find it hard to retrieve confidence, despite the onset
of the earnings season. Nevertheless, we see the sustained pessimism to be “temporary” as global markets focus
on the Middle East tensions. Yet even as sentiments are held by the political upheavals, we do not lose sight of
China's continuing struggle with inflation. The surge in oil and commodity prices may add fodder to this growing
“threat” which has spread across emerging economies.

However, despite a negative closing yesterday, the real story was the strong rebound that wiped off nearly two-
thirds of the day's losses. As the market broke 3,730 and approached 3,700, bargain hunters and punters stepped
in. We keep our fingers crossed entering the penultimate trading day for the week.

Eyes will continue to be trained towards the Middle East. A technical rebound is possible but the bias and
general sentiment remains negative and wary. Support is at 3,730 with resistance at the 3,800-mark.

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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