ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD019 & 020_2011_January 27 & 28, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,990.49 58.85 1.50% 1,087.27 7,462.53 87 48 46

Daily Wrap PHILIPPINE M ARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
BACKDROP. ALL 3,109.85 79.87 2.64%
FINANCIAL 896.47 11.33 1.28%
The Dow returned to June 2008 levels, marginally closing above the INDUSTRIAL 6,993.13 70.23 1.01%
12,000 mark after data showed new home sales beat analysts' HOLDING FIRM S 3,217.78 90.08 2.88%
estimates by more than 10% and the Fed kept stimulus measures in PROPERTY 1,525.65 48.10 3.26%
place. The S&P 500 sustained its run to a fourth day, boosted by SERV ICES 1,556.51 -0.12 -0.01%
strong earnings.
M INING & OIL 13,771.16 32.53 0.24%
New home sales reached an annual pace of 329k, beating the 302k As of 1242H End of Day

consensus and improving on the prior month's 290k marking the ASIAN M ARKETS LATEST UPDATE
second month of increase in the series. It nearly matches the 330k COUNTRY INDEX LAST % CHANGE
posted last last July. ASIAN REGION M SCI APEX 50 901.68 0.54%
JAPAN TOPIX 924.09 0.16%
Earlier, European markets climbed in anticipation of the results of the JAPAN NIKKEI 225 10,429.42 0.26%
Fed's two-day meeting. Risks in the region remains high, however. A CHINA HANGSENG 23,956.33 0.47%
recent survey reveals a growing concern the eurozone may lose a CHINA SHANGHAI 2,738.14 1.08%
member or two in the next five years. A smaller number see this TAIWAN TAIEX 9,117.12 0.68%
happening in the next 12 months. A default by Greece and Ireland is SOUTH KOREA KOSPI 2,116.83 0.30%
still possible, even as the respondents in the bloomberg.com poll AUSTRALIA S&P/ASX 200 4,807.80 0.00%
expressed confidence in Spain. AUSTRALIA ALLORINDARIES 4,908.60 -0.01%
NEW ZEALAND NZ50 3,350.96 -0.11%
Closer to home, the International Monetary Fund raised its 2011
PAKISTAN KARACHI 100 12,483.34 0.22%
economic outlook for ASEAN 5 a notch higher to 5.5% from the 5.4%
SRI LANKA Sri Lank a Colom bo 7,241.87 0.23%
projection it made in October.
THAILAND SET 983.93 0.60%
China boosted anew its efforts to cool the property sector by raising INDONESIA JKSE 3,531.49 0.85%
the minimum down-payment for second-home purchases to 60% from INDIA BSESN 18,969.45 0.00%
50%. Local governments were likewise advised to set price control SINGAPORE Straits Tim e s 3,218.45 -0.07%
targets for newly-build houses and publish the same in Q1. This after M ALAYSIA KLSE 1,526.76 0.44%
property prices jumped 19% in December, despite earlier imposed VIETNAM HO CHI M INH 502.72 0.29%
restrictions. BANGLADESH DSE Ge ne ral Inde x 7,280.01 0.00%
M ONGOLIA M SE Top 20 20,526.20 0.00%
Also regarding China, a poll by bloomberg reveals a growing belief LAOS Laos Com pos ite 1,525.92 0.00%
among investors that the country may be headed towards a recession As of 2148H End of Day
in five years, citing the unsustainable “speculative, credit-driven
bubble.” China's GDP grew 10.3% last year, its fastest in three years. Nevertheless, China markets recovered by mid-day overwhelming the
bears that surfaced after the announcement of the additional curbs on property purchases.

MARKET'S REACTION:
INVESTORS cheered the Dow's breach of the 12,000-mark, pushing the PSE Index past an immediate top two days ago and drawing
confidence on the 3,880-3,900 support range. It was the day of the bulls as the market surged off the opening bell and never looked back,
finishing the session up by 58.85 points (1.50%) to 3,990.49. This rebound erases nearly one-third of the 245.54 points drop off the 4,148.16
top last January 17 – just a few percentage points below the 38.2% Fibonacci recovery line.
Value turnover duplicated the prior session's php7.0 billion, lending a modicum of confidence on the bounce. Advancers outran decliners 87
to 48 while the number of unchanged issue increased further to 46. The latter could be an indication that prices are beginning to level off and
stabilize after the index touched the 3,900-line.

OUTLOOK FOR FRIDAY_January 28, 2011

The spirited advance pares the year-to-date losses to -5.0%, still 1.7 percentage points more than the drop sustained through the whole of
January last year. Should the market sustain the run, this will be the first week of gains for the index after coming out flat on the first week
and posting successive losses in the last two.

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 REVIEW & OUTLOOK_ TD019 & 020_2011_January 27 & 28, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,990.49 58.85 1.50% 1,087.27 7,462.53 87 48 46

The underlying technical indicators provide some encouraging

signals moving forward. STO registers a minimal bounce even as it
remains inside oversold territory. It is poised to pierce the trigger
line moving north.
A similar reading and suggestion is drawn by the MACD with the
spreads continuing to narrow as it pictures a potential upside break
of the signal line. Both lines remain in negative area, but a further
build-up of momentum should push the measure higher, enough to
send a buy signal in the near-term.
Finally, the Acc Dist Line has likewise rebounded off its low, a sign
of gradually shifting bias towards accumulation. The medium term
trend is still negative, but the pick-up in the tail-end posits an
oncoming trend reversal.
Immediate upside target for the index is at 4,020, while support
remains at the 3,900 mark.

CORPORATE DISCLOSURES
ANCHOR LAND HOLDINGS, INC [pse: ALHI] Disc No 2011-0688
In a press release, the Company revealed it is going full blast on seven (7) simultaneous projects this year, reflective of its bullish outlook for
the economy in general and the property sector in particular. These projects run the gamut of commercial developments to luxury residential
suites plus the expansion of its condominium project at the ASEANA Business Park. Constructions in four (4) are in full swing, namely: The
SoleMare Parksuites Phase I (Macapagal Avenue); Two Shopping Center (Cuneta Avenue), Anchor Sky Suites (Ongpin) and Wharton
Parksuites (Binondo.) It broke ground for its Admiral Baysuites project undertaken by subsidiary, Admiral Realty Co. and Phase II of the
SoleMare Parksuites. The various projects are being undertaken by its subsidiaries Posh Properties Development Corporations (PPDC),
Gotamco Realty Investment Corporation (GRIC) and Manila Towers Development Corporation (MTDC). The Parent Company is developing
the seventh project, Clairemont Hills Parksuites which will be launched in Q2. SoleMare Parksuites Phase I and Wharton Parksuites are
nearly sold out. Anchor Skysuites units are slated for a 2014 turnover.
PHOENIX PETROLEUM PHILIPPINES, INC [pse: PNX] Disc No 2011-0690
Consolidated Core Net Earnings from Operations rose 140% to php427 million last year as revenue increased to php14.79 billion, 152%
more than 2009. Fuel sales volume jumped 127% while the average selling price rose by 19% year-on-year. Volume growth was spurred by
the rapid expansion of its retail outlets from only 86 stations in 2008 to 120 in 2009 and 161 last year. The bulk, 123, are in Mindanao, while
Visayas hosts five. The rest are in Luzon. Commercial accounts likewise registered growths. Per share earnings reached php1.43, post-
effective the 40% stock dividend, a marked improvement from 2009 EPS of php0.83.
FIRST GEN CORPORATION [pse: FGEN] Disc No 2011-0691
The Company declares cumulative cash dividends amounting to php77,761,900 on its outstanding Series B Preferred Shares to holders of
record February 9, 2011. Payment is due on March 7, 2011. It likewise set the dividend rate for Series E Preferred Shares at php0.01.
RFM CORPORATION [pse: RFM] Disc. No. 2011-0694
The Board of Directors approved an equity fund raising via a placing and subscription transaction which will be implemented in two,
simultaneous or concurrent stages. Certain existing shareholders will sell not more than 450 million of their current holdings (the placement
transaction) and a subsequent subscription by the same selling shareholders to an equal number of shares out of the unissued capital stock
of RFM at the same price they sold. This will be submitted for shareholders' approval during a scheduled meeting tomorrow, January 27.
In another development, the Board declared property dividends amounting to 69,622,985 convertible preferred shares of Swift Foods, Inc
[pse: SFI] at a ratio of one (1) SFI preferred share at php6.01 par value for every 45 RFM common shares held, excluding fractional shares.
Pertinent dates shall be announced post SEC approval of the declaration.

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