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 95-96_M a y 17-18, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged
4,261.60 -39.21 -0.91% 6,702.01 4,571.72 53 89 37

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change% CHANGE

I NVESTORS groped for form on the back of mixed news

from Europe and the US, reflecting on equity markets in
both continents' results. Commodity prices continued to
ALL
FINANCIAL
INDUSTRIAL
2,983.63
946.64
7,071.31
-19.97
-2.69
-72.44
-0.66%
-0.28%
-1.01%
slump. Markets across Asia dropped. HOLDING FIRMS 3,516.34 -66.02 -1.84%
PROPERTY 1,578.03 5.66 0.36%
The PSE Index of 30-companies started the session on a slighty SERVICES 1,566.25 -7.35 -0.47%
positive note, trading above the psychological 4,300-line through MINING & OIL 17,461.46 -457.59 -2.55%
the first three minutes. However, lacking fresh leads, and AS of 1210H End of Day
weighed down by overseas developments, seller stepped into the ASIAN MARKETS LATEST UPDATE
fray, sending prices lower. At the final bell, the measure settled COUNTRY INDEX LAST % CHANGE
with a -39.21 points loss at 4,261.60 failing to hold the upper limit ASIAN REGION MSCI APEX 50 891.84 -0.20%
of the 4,250-4,270 support band. JAPAN TOPIX 824.21 -0.64%
JAPAN NIKKEI 225 9,516.03 -0.44%
The “sell-off” was broad based with none of the sectors surviving CHINA HANGSENG 22,917.10 -0.19%
the bear's onslaught. Losers routed gainers, 89 to 53, while 37 CHINA SHANGHAI 2,866.44 0.61%
counters were unchanged. TAIWAN TAIEX 891.50 -0.23%
SOUTH KOREA KOSPI 2,096.90 -0.35%
The Dow ended the session -47.38 points or -0.38% below last AUSTRALIA S&P/ASX 200 4,675.60 0.55%
week's close at 12,548.37. Although managing to erase early AUSTRALIA ALLORINDARIES 4,742.50 0.39%
losses on weak manufacturing numbers, the sustained retreat in NEW ZEALAND NZ50 3,547.91 0.11%
the prices of oil and silver and the approaching end of the Fed's THAILAND SET 1,084.96 -0.12%
bond-purchase program, weighed in on sentiments, pulling the INDONESIA JKSE 3,799.23 -0.86%
index back to negative. INDIA BSESN 18,374.40 0.16%
SINGAPORE Straits Times 3,136.48 -0.86%
Brent crude fell -2.15% to US$110.84 and WTI Crude futures MALAYSIA KLSE 1,536.27 -0.29%
-0.43% to stay below the US$100 per barrel mark at US$96.95. VIETNAM HO CHI MINH 466.84 -0.99%
Copper, gold and silver prices also declined by -0.05% to www.bloomberg.com as of 1156H 5/17/11
US$396/lb, -0.08% to US$1,489.40, and -1.46% to US$33.635,
respectively.

Meanwhile, the US government officially hit its debt ceiling with Treasury Secretary Timothy Giether giving “assurances”
he can “juggle” federal funds around, specifically mentioning the suspension of investments in federal retirement funds,
to keep that from happening at least until August 2nd.

In a meeting marked by the absence of IMF managing director Dominque Strauss-Kahn, who is being held after being
denied bail in New York for alleged sexual misconduct, Europe's finance ministers tied strict conditions to increasing the
110 billion euro aid package it extended to Greece last year. Specifically, the group called for Greece “to sell assets and
deepen spending cuts” as the principal means to begin putting its fiscal house back to health. Also on the agenda was
the 78 billion euro bail-out for Portugal, the third nation in the eurozone after Greece and Ireland, to require external
assistance to restore debt levels to EU mandates, but investors' confidence as well.

The continents' debt woes, seen to be hurting at least five member economies, including Spain and Italy, has been
rattling global financial markets, including equities, since early last year. Although it took the back seat through the first
quarter of this year as tensions in the Middle East-North African region escalated and Japan was pummeled by twin
natural disasters, the problem persists and continues to pose a threat, alongside inflation in emerging markets, to global

, 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 95-96_M a y 17-18, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged
4,261.60 -39.21 -0.91% 6,702.01 4,571.72 53 89 37

economies' rebound off the 2008 recession.

Europe's equity markets slipped on these developments, pulling the regional benchmark to a third consecutive day of
losses. In addition to the above concerns, slumping commodity prices muted the positive impact of earnings that beat
estimates.

Preliminary OUTLOOK for TD95_May 17, 2011

The market's technical readings suggests the slide may continue through the next couple of sessions. RSI(14) keeps its
southern heading, indicating sustained loss of positive momentum. This is supplanted by STO(14,3,3) extending its break
below the trigger line to a second day. The Index also broke below the 10-pd EMA, a sign of near-term weakness. Poor
earnings numbers from Jollibee Foods Corporation [pse: JFC] and GMA Network, Inc [pse: GMA7] may have raised
concerns over incoming data from other listed-firms. In the last two weeks, positive reports from leading firms have not
created a strong impact on share prices.

As it was at yesterday's Philippine market close, index futures in the Western markets show a possible extension of
bearish trades. On a positive note, however, the dips shown are not as wide as it was yesterday.

The index will test the 4,250 support and absent fresh positive leads, particularly from Europe and the US, specifically on
the Greece debt and debt limits, respectively, we may be looking at a further slide towards the major support line of
4,170. We bring down the resistance level, on the interim, to 4,290-4,300.

, 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