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ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, 1605 (+632)687-5071 (trunk)

DAILY MARKET REPORT


TD 142 & 143_July 22 & 25, 2011
COUNTRY ASIAN REGION JAPAN JAPAN CHINA CHINA TAIWAN SOUTH KOREA AUSTRALIA AUSTRALIA NEW ZEALAND THAILAND INDONESIA INDIA SINGAPORE MALAYSIA VIETNAM ASIAN MARKETS LATEST UPDATE INDEX LAST % CHANGE MSCI APEX 50 870.54 -0.35% TOPIX 860.11 -0.06% NIKKEI 225 10,010.40 0.04% HANGSENG 21,987.30 -0.07% SHANGHAI 2,765.89 -1.01% TAIEX 8,717.14 0.13% KOSPI 2,145.04 -0.42% S&P/ASX 200 4,556.00 0.14% ALLORINDARIES 4,626.20 0.17% NZ50 3,421.34 0.38% SET 1,104.15 0.25% JCI 4,068.07 0.43% BSESN 18,436.20 -0.36% Straits Times 3,138.51 0.38% KLCI 1,565.81 0.21% HO CHI MINH 413.06 -0.89% www.bloomberg.com as of 2157H 7/21/11

PHILIPPINE MARKET, DAILY STATS INDEX Pts Change PSEI 4,480.01 -27.03 ALL 3,113.27 -10.82 FINANCIAL 1,006.83 -5.33 INDUSTRIAL 7,610.04 -44.12 HOLDING FIRMS 3,595.61 -9.68 PROPERTY 1,557.44 -9.43 SERVICES 1,586.57 3.45 MINING & OIL 23,090.62 -648.80 AS of 1210H SECTOR

% CHANGE -0.60% -0.35% -0.53% -0.58% -0.27% -0.60% 0.22% -2.73% End of Day

NVESTORS found reason to beef up equity positions even as the market heads into a weekend as global markets posted a strong rebound on renewed optimism after a solution to the Greek debt crisis surfaced. Impelled by the same development and better-than-forecast earnings, US stocks jumped over one percent. <MARKET ACTION> Trades shifted to index- first- and second-line counters, pushing speculative issues to the back burner for the time being. <market breadth> top gainers, losers, value pie <funds flow; value, volume aggregates> top actives

The gates that held the bull at bay in the recent weeks opened after the European Union, led by France and Germany, agreed to new sweeping new powers to aid Greece overcome its troubles, easing concerns of a contagion spreading to Italy and Spain. Greek bonds will be restructured, with private bondholders accepting swaps for longer maturities and lower yields while the bigger, healthier zone economies committed to proved guarantees, if necessary, to ensure the country's access to liquidity from the ECB the seeds of what many see as a European Monetary Fund. The same terms will be extended to Ireland and Portugal, the other two countries that has so far received help from the ECB. The European Financial Stability Facility (EFSF) was likewise given the green light to extend precautionary credit lines and lend governments money to recapitalize banks at first signs of a possible squeeze in the credit markets. This addresses concerns over Italy and Spain. MOVING FORWARD With one of the bigger concerns practically addressed to the markets' satisfaction, attention will move to the US' efforts to raise borrowing limits from the US$14.3 trillion level. Unless the impasse between the US Congress and the White House is resolved, the optimism raised by Europe may soon wear-off. Without a compromise on the issue, the US will, for the first time in its history, default on its obligations. Warnings were already raised by ratings agencies Moody's Investor Services and the Standard and Poor's, both placing the US Aaa credit grade under review. A solution will have to be reached before the August 2 deadline, a date the Treasury Department will supposedly run out of fiscal maneuvering room. Corporate earnings, both here and in the US, will provide intermittent shades of positivism on individual counters. Early projections for S&P 500 stocks place a year-on-year rise of 13% in profits. Although there have been some guidance issued by some domestic firms of flat Q2 results, we believe that the general trend favors a decent pick-up in bottomlines over the April-to-June period. We expect power and energy, finance and property (including construction) stocks to benefit from this cycle. The sustained elevated price levels of precious metals and resources in the world market will also retain interest in, and allow expectations of better numbers for, miners' issues. On Monday, President Aquino delivers his second State of the Nation Address before the joint-session of Congress. He is expected to talk about the progress made by his leadership in terms of transparency in government, addressing graft and corruption and fiscal discipine among other things. The market however, will keep a close watch over the President's words, looking for clearer direction for the broad economy compared to the broad strokes he painted last year. The perceived lack of a definite plan is one of the strongest criticism over the first year of Aquino's term. The biggest disappointment thus far has been the failure of the centerpiece Private-Public Partnership thrust to take off. Over the first 12 months or so of PNOY at the Palace, his ratings have consistently dropped albeit staying positive. The index is just 100-150 points under the lower limit of our full-year range projection. We are confident that the US will eventually agree on some terms to extend the debt limit and this will keep and grow optimism in equities moving forward. (jc)

, 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

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