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_ TD048-49_March 9-10, 2011
PSE Index 3,926.86 Pts Change 27.99 % Change 0.72% Volume (m) 1,124.38 Value (phpm) 5,512.95 Advancers 89 Decliners 51 Unchanged 27

TRADING HIGHLIGHTS
SECTOR

ENCOURAGED by a 124 point rally in the Dow overnight and a general rise is Asian markets today, the PSE Index stretched its winning run to five (5) days, adding 27.99 points to finally rest above the 3,900-line at 3,926.86. The measure has risen an aggregated 153.15 points or 4.05% since 3,773.71 last March 2. This matches the streak registered in December last year when it racked up 126.64 points or 3.14 percent to 4,166.04. Stocks across Asia traded higher as world oil prices retreated, slipping by over half-a-dollar to US$104.43. All sectors rose led by a 1.66% jump in Property stocks, 1.24% among Financials and 1.13% by Mining and Oil issues. Advancers trimmed decliners' year-to-date lead, edging the latter 89-51. Only 27 issues were unchanged. Value turnover passed the php5.0 billion mark even as shares changing hands remains below the average at 1.124 billion. PRELIMINARY OUTLOOK FOR TD047_MARCH 9, 2011

ALL FINANCIAL INDUSTRIAL HOLDING FIRMS PROPERTY SERVICES MINING & OIL

COUNTRY ASIAN REGION JAPAN JAPAN CHINA CHINA TAIWAN SOUTH KOREA AUSTRALIA AUSTRALIA NEW ZEALAND THAILAND INDONESIA INDIA SINGAPORE MALAYSIA VIETNAM

PHILIPPINE MARKET, DAILY STATS INDEX Pts Change % CHANGE 2,936.52 10.89 0.37% 862.37 10.54 1.24% 6,839.54 27.03 0.40% 3,330.48 3.53 0.11% 1,494.16 24.43 1.66% 1,433.26 8.49 0.60% 14,162.30 158.47 1.13% As of 1210H End of Day ASIAN MARKETS LATEST UPDATE INDEX LAST % CHANGE MSCI APEX 50 885.64 0.61% TOPIX 946.19 0.75% NIKKEI 225 10,602.40 0.73% HANGSENG 23,842.00 0.55% SHANGHAI 2,995.73 -0.14% TAIEX 8,771.80 0.27% KOSPI 2,002.52 0.31% S&P/ASX 200 4,777.70 -0.63% ALLORINDARIES 4,873.10 -0.60% NZ50 3,418.31 -0.08% SET 1,022.91 0.43% JKSE 3,597.91 0.49% BSESN 18,520.40 0.44% Straits Times 3,098.64 -0.17% KLSE 1,522.87 0.34% HO CHI MINH 470.51 -1.02% www.bloomberg.com As of 1231H 3/9/11

The index is now on its third session in overbought territory (STO) as it sustains trading inside the 3,860-3,970 band. The rise may seem a bit ironic considering the tensions in the Middle East and the uncertainties it brings, particularly on domestic interest rates. Yet, at least for today, the retreat in oil prices may have contributed to sustained optimism. Over-all it is good to note that, at least for the moment, the market appears to be refocusing their sights on domestic fundamentals rather than external factors. We reiterate our view that this may be the trend going into the next two weeks or so. The question at hand is whether the market will be able to sustain this momentum given the extent of the advance on relatively thin leads. At some point, the market will have to take a breather, a pause, and it may come before the week is out. The market may test the 3,870-3,900 support range with investors tempted to book profits made through the last five sessions. This is especially true as the index comes closer to the 4,000mark, a level last seen through mid-February.

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