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_ TD55-56_March 18 & 21, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,839.88 22.50 0.59% 1,153.36 5,582.77 89 35 37

TRADING HIGHLIGHTS PHILIPPINE MA RKET , DA ILY ST A T S

SECT OR INDEX Pt s Ch a n ge % CHA NGE
EQUITIES snapped a five-day slide with investors
picking up counters at deflated prices. A 160-point A LL 2,881.09 21.49 0.75%
rise in the Dow set the tone for with the Nikkei FINA NCIA L 855.73 1.38 0.16%
extending yesterday's >4.0% gains. Markets across INDUST RIA L 6,812.35 26.40 0.39%
the Asian region tracked the movements of Europe
and the US overnight. HOLDING FIRMS 3,318.73 22.07 0.67%
PROPERT Y 1,449.87 7.24 0.50%
The PSE Index gained 22.5 points (0.59%) to end the week at SERV ICES 1,332.39 13.88 1.05%
3,839.88. This trimmed week-on-week loss marginally to
-2.15% and puts the measure at just above the critical 3,830- MINING & OIL 14,281.83 432.00 3.12%
line. Today's advance erased a little over a-fifth of the losses A s of 1230H En d of Da y
sustained through Thursday. All sectors posted increases. A SIA N MA RKET S LA T EST UPDA T E

Index heavyweight Philippine Long Distance Telephone COUNT RY INDEX

Company [pse: TEL, php2,038.00, +1.19%] was the second A SIA N REGION MSCI A PEX 50 841.54 0.63%
most actively traded as it checked a similar five-day slide which JA PA N T OPIX 821.86 1.36%
squeezed -11.82% off its market cap. Competitor Globe
Telecoms, Inc [pse: GLO] maintained its northern heading, JA PA N NIKKEI 225 793.57 1.34%
hitting php700.00 eight days since it bounced off level last seen CHINA HA NGSENG 22,365.30 0.36%
2003. More than half of actively traded issues registered gains. CHINA SHA NGHA I 2,913.76 0.57%

Over-all there were more than two (2) advancers to every T A IWA N T A IEX 8,373.95 1.10%
decliner. The unchanged issues inched to 37. Value turnover SOUT H KOREA KOSPI 1,984.30 1.29%
firmed at php5.583 billion on 1.15 billion shares changing A UST RA LIA S&P/A SX 200 4,600.30 0.99%
hands.
A UST RA LIA A LLORINDA RIES 4,691.90 1.15%
PRELIMINARY OUTLOOK FOR TD056_MARCH 21, NEW ZEA LA ND NZ50 3,355.95 0.79%
2011 T HA ILA ND SET 1,002.35 -0.57%

Friday's rebound could be a mere technical action, buoyed by INDONESIA JKSE 3,503.82 0.56%
the Dow's overnight gains, an extended slide in the local index INDIA BSESN
and G7's intervention in the currency market to support the SINGA PORE St ra it s T im es 2,946.65 0.13%
Japanese yen.
MA LA YSIA KLSE 1,495.00 0.20%
Moving into next week, focus may shift back to the Libyan V IET NA M HO CHI MINH 455.63 -1.06%
crisis as Japan moves slowly to a recovery and rehabilitation www.bloom berg.com A s of 1205H 3/18/11
mode.

Entering the second half of the final month for Q1, investors will begin to take advantage of bargains but will continue to
keep an eye on prospects for quarterly earnings.

Immediate technical levels at 3,770-3,800 with resistance at 3,870-3,900.

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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