ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
D A I LY W R A P & O U T L O O K_ T D 54-55_M a r ch 17-18, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,817.38 -61.06 -1.57% 1,214.12 4,006.26 16 119 31

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

SECT OR INDEX Pt s Ch a n ge % CHA NGE
AS if concerns over Japan were not enough to pull
markets' lower, latest US data on housing starts cast A LL 2,859.60 -46.58 -1.60%
doubt on the pace of their recovery. Markets across FINA NCIA L 854.35 -7.91 -0.92%
Asia fell, dragged by the Dow's 242 points overnight INDUST RIA L 6,785.95 -89.48 -1.30%
losses and the uncertainties that cloud Japan's
nuclear facilities and recovery. HOLDING FIRMS 3,296.66 -37.04 -1.11%
PROPERT Y 1,442.63 -38.21 -2.58%
Local equities fell -61.06 points, running through the full range SERV ICES 1,318.51 -31.38 -2.32%
of the support band, even settling below the lower edge at
3,817.38 at the final bell. The sell-off was broad-based. No MINING & OIL 13,849.83 -160.35 -1.14%
sector was spared with the Financial group giving the the least, A s of 1230H En d of Da y
-0.92 percent. A SIA N MA RKET S LA T EST UPDA T E

Value turnover thinned to php4 billion on 1.214 billion shares COUNT RY INDEX
changing hands. Breadth was widely negative, with decliners A SIA N REGION MSCI A PEX 50 831.46 -1.91%
flooding advancers 119-16. Only 31 stocks traded unchanged. JA PA N T OPIX 802.59 -1.84%

Investors are obviously looking at, factoring in, and reacting to JA PA N NIKKEI 225 8,903.86 -2.09%
external influences. Domestic fundamentals remains positive, CHINA HA NGSENG 22,231.20 -2.07%
although it is within reason to expect some dent on the CHINA SHA NGHA I 2,923.58 -0.25%
numbers, at least for the first quarter. The same can be said of
Q1 2011 corporate earnings, which nevertheless is still more T A IWA N T A IEX 8,233.48 -1.09%
than a month away. The 2010 earnings season is just about to SOUT H KOREA KOSPI 1,941.00 -0.87%
unwind. A UST RA LIA S&P/A SX 200 4,546.10 -0.27%

US housing starts, one of the most looked after data series for A UST RA LIA A LLORINDA RIES 4,624.10 -0.43%
clues to the strength of the over-all economic recovery, once NEW ZEA LA ND NZ50 3,336.57 0.29%
more cast doubts after February numbers came in at its lowest T HA ILA ND SET 1,002.05 -6.08%
since April 2009. Americans spend most of their incomes on
housing and the poor result indicates consumers still have to INDONESIA JKSE 3,476.11 -1.57%
gain full confidence on the future prospects – enough for them INDIA BSESN 18,358.70 1.05%
to open their wallets to purchase a home. SINGA PORE St ra it s T im es 2,940.94 -1.01%

But still things were not entirely pessimistic. The S&P see the MA LA YSIA KLSE 1,487.16 -0.35%
Asian region sustaining solid growth rates, with the Philippines V IET NA M HO CHI MINH 458.02 -1.20%
at between 5.1% and 5.6%, compared to the 7.3% actual result www.bloom berg.com a s of 1153H 3/17/11
last year.

PRELIMINARY OUTLOOK FOR TD055_MARCH 18, 2011

It was all Japan this week, and most likely, it will be the same for the days to come. As the general population continues to
be embraced by fears of radioactive leaks reaching our shores, despite protestations and assurances from local authorities
to the contrary, the investment public returns to the drawing boards to redefine their portfolio and trading strategies
appropriately. It will not be far-fetched for targets to be adjusted and the horizon shortened. Sensitivity to unfolding
events rises and the market is taking it day-to-day. Hopefully, the weekend break will not only bring good news, but will
allow investors to take a more objective look at things.

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)
D A I LY W R A P & O U T L O O K_ T D 54-55_M a r ch 17-18, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,817.38 -61.06 -1.57% 1,214.12 4,006.26 16 119 31

The real threat that the Japan experience raises in the domestic economy is its impact on (1) oil prices – as Japan's nuclear
plants are shut down, they may have to go back, at least at the moment, to traditional power sources, adding to the
demand for the commodity; (2) this is in addition to the still unresolved problem with Libya, which in fact appears to be
escalating, and threats of similar uprisings in the peripheral countries in the oil-rich region; (3) as a consequence of which,
inflationary pressures become more intense and may (4) push monetary authorities to tweak interest rates higher, but
hopefully without compromising the growth momentum; (5) the huge funding requirements for Japan's rehabilitation may
delay their international commitments such as, but not limited to, the PPP thrust of President Aquino's government.

The displacement of Filipino workers from troubled countries is yet another issue that may reflect on economic data in the
ensuing reporting periods. It will be interesting to see how the economy performed over Q1, 2011. All things considered,
including a relatively high base for the same quarter last year, prior optimistic outlooks may have to be tamed.

Uncertainties over the oncoming weekend will continue to cast a cloud of gloom in equities. While there is a possibility of a
technical rebound following a five-session slide, the general sentiment is still negative.

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