ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
WEEKLY WRAP _ TD71-75_April 11- 15 , 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

4,251.64 16.68 0.39% 2,612.97 4,637.18 77 50 40

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
POSITIONING for the Lenten-shortened trading week ALL 3,084.74 -5.06 -0.16%
provided just enough push Friday. At week's end, the bulls FINANCIAL 945.18 1.40 0.15%
managed to edge out the bears in an almost even match. INDUSTRIAL 7,363.34 20.75 0.28%
Events overseas simmered down, and the markets reacted HOLDING FIRMS 3,572.34 7.89 0.22%
PROPERTY 1,627.81 -1.92 -0.12%
accordingly.
SERVICES 1,521.63 4.11 0.27%
MINING & OIL 15,191.33 360.19 2.43%
The PSEi rose 16.68 points or 0.39% to 4,251.64, an inch over AS of 1210H End of Day
the lower end of the near-term resistance band. The ASIAN MARKETS LATEST UPDATE
broader All Shares Index, however, slipped. Property stocks COUNTRY INDEX LAST % CHANGE
was the only sector that deviated from the day's norm, falling ASIAN REGION MSCI APEX 50 912.38 -0.41%
marginally by -1.92 points (-0.12%.) JAPAN TOPIX 844.03 -0.32%
JAPAN NIKKEI 225 9,612.23 -0.43%
CHINA HANGSENG 23,944.00 -0.29%
Week-on-week the results were almost similar, albeit this
CHINA SHANGHAI 3,026.44 -0.53%
time, it was the Industrial sector that went with the All
TAIWAN TAIEX 8,786.64 -0.18%
Shares measure, both losing -2.5% and -0.7% off their Week SOUTH KOREA KOSPI 2,130.54 -0.49%
14 levels, respectively. AUSTRALIA S&P/ASX 200 4,864.60 -0.40%
AUSTRALIA ALLORINDARIES 4,951.20 -0.43%
Value turnover rose to php4.637 billion Friday, its second NEW ZEALAND NZ50 3,458.93 0.13%
highest for the week, pushing the five-session total to THAILAND SET 1,084.91 0.80%
php22.098 billion, roughly on level with the previous week INDONESIA JKSE 3,711.05 0.08%
ex-block sales. It was a good recovery in the data after it INDIA BSESN 19,677.90 -0.10%
SINGAPORE Straits Times 3,149.72 -0.29%
trended down from Monday's php4.661 billion total.
MALAYSIA KLSE 1,521.39 -0.29%
VIETNAM HO CHI MINH 461.36 -0.82%
Advancers led decliners 77 to 50 with 40 issues unchanged. www.bloomberg.com As of 1156H 4/15/11

It was a relatively tame week with the PSEi generally trading in a narrow 60-point band between 4,180 and 4,240.
Developments across the three critical regions, the US, Europe and MENA, slowed, although showing positive signals.

China Q1 GDP is seen to be reported at a 9.7% pace with a 5.4% March inflation. Both are ahead of the 9.4% and 5.2%
forecasts, respectively. The country's foreign exchange reserves passed the $3 trillion mark for the first time, with Q1
adding $197 billion, as currency controls resulted in an accumulation of $1 trillion over the last two years. For the G20
leaders who are scheduled to meet in Washington next week, this is a manifestation of a continuing “global imbalances” in
trade and financial patterns – a situation that lent impetus to the 2007-2009 crisis and recession.

Expressing confidence on the resiliency of the Japanese, the Bank of Japan sees GDP turning positive in Q3 onwards. The
projection for earthquake-hit Q1 is a shrinkage of 3.0% but will immediately rebound in the next.

The US meanwhile closed a hotly-debated chapter on a deficit cutting budget with Congress putting its imprimatur on a
legislation to slash spending by $38.5 billion.

, 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 2
ACCORD CAPITAL EQUITIES CORPORATION
GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
WEEKLY WRAP _ TD71-75_April 11- 15 , 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

4,251.64 16.68 0.39% 2,612.97 4,637.18 77 50 40

In Europe, Greece takes another step forward in addressing its deficit problem with new measures to meet austerity goals
to be revealed. The measures are seen to slash off 22 billion euros in the next two years. The country has set at 7.4% this
year's deficit-to-GDP ratio en route to achieving the eurozone's 3.0% mandate by 2014.

PRELIMINARY OUTLOOK for WEEK 16 April 18 to 20, 2011

We expect trades to be relatively light during the Lenten-season shortened week. The market takes a break Thursday and
returns to action on Monday, April 25. The circumstance that may have led to intermittent drops in the equity values,
mainly as investors booked profits and need for liquidity for the tax-deadline and the extended weekend, has passed. Thus
far, on the overseas front, we have heard and read encouraging news that, though most economies that have been
recently challenged are not yet out of the woods, they are definitely on the correct path. Anticipating the “when” of such
sustainable resolutions will be the focal point which in turn will define trades moving forward.

With this in mind, we find initially that the three-session week will be mostly dominated by positioning for post-Easter
trades. That is when factors such as GDP numbers will become clearer and corporate performance through Q1 will begin
to be factored in. As we have mentioned in past reports, we expect these to come in slower year-on-year. Nevertheless, the
results will still be positive and thus becomes a matter of putting valuations in line with tempered expectations.

Initial technical signals at the end of the week and gleaned off the weekly charts, support the view that the market may
even head higher next week. Although STO(14,3,3) remains in overbought levels, volume and value charts continue to
draw a bias for accumulation. This should support the index through periods of uncertainties and profit-taking.

Although the index has breached through the 4,250 line, we maintain resistance at the 4,250-4,270 range with support at
4,180-4,200 band.

, 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 2 of 2