ACCORD CAPITAL EQUITIES CORPORATION

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DAILY REPORT TD011_2011_January 17_Monday
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
4,148.16 16.12 0.39% 2,018.13 5,053.51 81 64 38

Daily Wrap: Monday PHILIPPINE M ARKET

SECTOR INDEX Pts Change % CHANGE
LONG-TERM funds remained uncommitted leaving the market to short- ALL 3,089.84 26.77 0.87%

term money focusing on rumor-driven, news-heavy counters. Profit-takers FINANCIAL 928.35 -0.94 -0.10%
INDUSTRIAL 7,419.99 100.17 1.37%
and range traders pulled the index off its opening bell surge, practically
HOLDING FIRM S 3,354.07 1.43 0.04%
erasing all gains.
PROPERTY 1,580.07 21.45 1.38%

The PSE Index settled with a 16.12 points (0.39%) gains to 4,148.16, after SERV ICES 1,582.23 2.10 0.13%
M INING & OIL 14,312.21 1.45 0.01%
racking up as much as 33.41 points in the first minute. The All Share
As of 1213H 14. Jan. 2011
Index doubled the composite's gains while only the Financial sector
ASIAN M ARKETS
slipped.
COUNTRY INDEX LAST % CHANGE

Asian markets snapped a five-week winning run following China's ASIAN REGION M SCI APEX 50 897.87 -0.31%
JAPAN TOPIX 930.38 0.01%
decision to raise bank reserve requirements anew. The world's second
JAPAN NIKKEI 225 10,503.10 0.04%
largest economy is trying to keep the economy from overheating as large
CHINA HANGSENG 24,160.00 -0.51%
capital flows inflated asset values and spurred consumer and investor CHINA SHANGHAI 2,732.76 -2.10%
confidence. This has stoked inflation to its fastest pace in over two years. TAIWAN TAIEX 8,940.51 -0.36%
Chinese President Hu Jintao is in Washington and the markets will be SOUTH KOREA KOSPI 2,106.60 -0.07%
keenly watching the dynamics between the two leaders. The US has AUSTRALIA S&P/ASX 200 4,760.30 -0.86%
been leading pressures from the West for the Asian nation to adopt a AUSTRALIA ALLORINDARIES 4,869.90 -0.79%
more liberal and flexible foreign exchange policy. NEW ZEALAND NZ50 3,353.70 -0.48%
PAKISTAN KARACHI 100 12,533.50 0.59%
Neighboring Indonesia received an upgrade from Moody's Investors' SRI LANKA Sri Lank a Colom bo 7,032.60 0.15%
Services for its foreign and local-currency bond ratings to Ba1 from Ba2. THAILAND SET 1,024.46 -0.76%
The Djakarta bourse, however, was dragged by the region-wide INDONESIA JKSE 3,529.77 -1.10%
sentiments. INDIA BSESN 18,794.70 -0.35%
SINGAPORE Straits Tim e s 3,242.51 -0.11%
Europe takes another step towards addressing it's debt troubles as M ALAYSIA KLSE 1,571.37 0.09%
finance ministers meet with a debt-crisis-fighting strategy on the agenda. V IETNAM HO CHI M INH 495.08 1.20%
Germany has eased its opposition to the strategy, clearing the way BANGLADESH DSE Ge ne ral Inde x 7,575.89 -1.49%
towards the March deadline to expand a $440 billion euro rescue fund, M ONGOLIA M SE Top 20 16,070.60 -0.10%
putting up a permanent aid facility and revising the zone's rules on As of 1207H 17. Jan. 2011

budget-deficit. Meanwhile, Portugal remains insistent it can pull through

the crisis without relying on aid. Therese were similar lines by Greece and Ireland, before they eventually acceded to, and received, bail-
outs.

Preliminary Outlook for Tuesday, January 18

The late-session rebound left the technical readings practically

unchanged from last week's end. The appearance of a doji (or
thin-bodied spinning top) highlights the indecision that marked
Monday's trades. The index remains locked within the month-and-
a-half old 4,030-4,200 trading band with the bias still neutral. The
positive outlook is given by both STO and MACD which kept their
BUY readings.
European futures are positive, anticipating a good outcome in the
meeting of Finance Ministers later today. US markets will be
closed tonight in observance of the Martin Luther King Day.
Much of the leads for tomorrow will be borrowed from the outcome
in Europe. The late session momentum, carried by the pick-up on
MER shares, may spill-over to Tuesday.
Immediate range is between 4,100 and 4,170. We are discounting
a test of the 4,200 line but absent the usual impetus from the Dow,
and earnings guidance, range trading may be the norm.

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.
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