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_ TD041-42_February 28-March 1, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,766.73 26.69 0.79% 2,325.42 8,297.17 63 61 45

TODAY'S HIGHLIGHTS: PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
STILL haunted by last week's -3.0% slide, investors ALL 2,853.74 25.27 0.89%
sentiment moved up and down, find some inspiration from FINANCIAL 839.97 21.17 2.59%
the Dow's 65.91 points rush Friday while keeping an eye
INDUSTRIAL 6,560.45 -42.36 -0.64%
on the ongoing Middle East crisis, particularly as it
HOLDING FIRMS 3,283.37 151.68 4.84%
has encouraged other similarly situated nations.
PROPERTY 1,377.04 -5.50 -0.40%
The PSE Index climbed 0.79 percent of 26.69 points to SERVICES 1,360.61 -33.82 -2.43%
3,766.73. Coming into the day, there were a host of MINING & OIL 13,503.55 -253.74 -1.84%
reasons for a rebound. First, last week's decline wiped As of 1210H End of Day
out all gains of the week prior. Second, this is the ASIAN MARKETS LATEST UPDATE
closing trades for February. Third, earnings should COUNTRY INDEX LAST % CHANGE
become a more dominant influence as more and more firms ASIAN REGION MSCI APEX 50 847.40 -0.14%
report on their Q4 and full year 2010 performances. JAPAN TOPIX 938.07 -0.41%
Fourth, the tougher stance now being taken by the US and JAPAN NIKKEI 225 10,461.10 -0.62%
its allies against Libya raises hopes a resolution may CHINA HANGSENG 22,941.40 -0.31%
come sooner than expected. The last should restore CHINA SHANGHAI 2,881.16 0.09%
markets' attention to fundamental valuations over
TAIWAN TAIEX 8,599.65 0.68%
geopolitical concerns.
SOUTH KOREA KOSPI 1,943.90 -0.99%
Last week saw mixed results from US economic data. AUSTRALIA S&P/ASX 200 4,832.30 -0.09%
Consumer confidence, existing home sales and AUSTRALIA ALLORINDARIES 4,918.10 -0.14%
unemployment claims all beat forecasts. However, the NEW ZEALAND NZ50 3,374.75 0.32%
numbers for core durable goods orders, new home sales PAKISTAN KARACHI 100 11,233.50 0.00%
and the preliminary GDP figure not only fell short of SRI LANKA Sri Lanka Colombo 7,711.62 0.00%
estimates but came out slower than the previous period. THAILAND SET 981.99 -0.40%
This highlights the uneven footing and challenges that INDONESIA JKSE 3,441.81 -0.05%
faces the road to full recovery in the world's biggest INDIA BSESN 17,811.10 0.62%
economy. SINGAPORE Straits Times 2,999.90 -0.83%
MALAYSIA KLSE 1,485.96 -0.22%
True enough, the index jumped 13 points off the bell VIETNAM HO CHI MINH 466.23 -0.16%
before sellers pulled the measure by a much as 31.86 BANGLADESH DSE General Index 5,800.94 -3.61%
points lower to 3,705.18 – the second time it has
MONGOLIA MSE Top 20 32,955.00 0.00%
dropped to that level in the last two weeks. This was a
cue for bargain hunters to step in, pushing the index LAOS Laos Composite 1,436.45 1.56%
higher by an almost equal magnitude. www.bloomberg.com As of 1153H 2/28/11

Sectors were mixed, however with Financial and Holding Firm counters in the green. Aboitiz Equity Ventures, Inc.
[pse: AEV, php47.00, +17.5%] and its power generation unit, Aboitiz Power Corporation [pse: AP, php28.80, +3.23%]
led advancing active issues. AEV alone accounted for nearly half of the day's aggregate value turnover.

The internals showed the bulls to be less dominant. Advancers narrowly edged decliners, 63-to-61, casting some
doubts on the sustainability of the rise.

Emerging developments in other countries may provide the dampener to the full-restoration of confidence in
equities.

A possible rise of protests in China, inspired by the unrest in the Middle East casts another dark cloud, closer
to home. Corruption and misrule are the main issues raised. This, an the persistent problem of inflation,
threatens to slow the pace of growth in the world's second biggest economy. Tensions are also brewing in the
Korean Peninsula after the North threatened to take action if the South continue to drop leaflets telling of the
uprisings in other parts of the globe.

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)
DAILY WRAP & OUTLOOK_ TD041-42_February 28-March 1, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,766.73 26.69 0.79% 2,325.42 8,297.17 63 61 45

PRELIMINARY OUTLOOK FOR TD042_MARCH 1, 2011

Monday's rally accompanied by a surge in value turnover nearly twice the year-to-date daily average will serve
notice to “fence-sitters” particularly as the index successfully tested the 3,700-support, even as it continues
to fail to breach, or even simply reach the 3,770-line. The first touch of the 3,705 line occurred three
sessions back and most indicators suggests a build-up of strength on the second time, raising the validity of the
support mark.

The chart to the right highlights the two instances

the index fell to 3,705. Although both STO(10,6,6)
and MACD(12,26,9) registers marginally lower readings
on the second drop, the Accumulation-Distribution Line
(bottom) undeniably shows a resurgence of the
accumulative bias. This means that bargain hunters
and even punters with short-term trading objectives,
have generally dominated their bearish counterparts,
after netting out their activities over the three-day
period.

Combined, these indicators posits a potential pull-

back, dragged mainly by continued apprehension over
the oil-rich Middle East's troubles, even as such
retreats will open the doors for the more optimistic
lot.

Ceteris paribus, we expect the 3,700-3,730 support

range to hold with the gradually growing bullishness,
influenced by sustained positive economic numbers both
here and abroad (US) and the earnings season,
challenging the 3,800-3,830 resistance band.

Early indications from index futures in the US are not encouraging, with the Dow Futures showing a dip by -22.00
points, S&P 500 by -2.20 points and the Nasdaq by -4.25 points. However, this conditions may be reversed if and
when the European markets hold the suggestions of the positive futures indexes numbers.

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