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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 _ TD79-80_April 25-26, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged

4,331.47 56.60 1.32% 2,317.28 4,074.71 96 46 23

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS


SECTOR INDEX Pts Change % CHANGE

O PTIMISTS started the post-Easter week on a continued ALL 3,138.82 26.31 0.85%
FINANCIAL 960.42 17.13 1.82%
dominance of their pessimistic counterparts, including fence- INDUSTRIAL 7,368.65 49.95 0.68%
sitters, keeping the market ahead on the month and extending the HOLDING FIRMS 3,612.05 18.15 0.51%
year-to-date gains. A similar thread of sentiment stitched markets PROPERTY 1,639.84 17.08 1.05%
across the Asia and the Pacific region. SERVICES 1,578.73 35.11 2.27%
MINING & OIL 16,373.42 183.06 1.13%
AS of 1210H End of Day
The PSE Index steadily climbed off the opening bell, topping at ASIAN MARKETS LATEST UPDATE
4,328.84 or 54.07 points on the 70th minute, before a modicum of COUNTRY INDEX LAST % CHANGE
profit-taking pulled the measure lower by only 3.o points. Yet an ASIAN REGION MSCI APEX 50 933.57 0.05%
JAPAN TOPIX 844.44 0.27%
hour or so later, a new intra-day high was set. At session's end, the
JAPAN NIKKEI 225 9,717.57 0.37%
composite settled at 4,331.47, adding 56.60 points or 1.32 percent. CHINA HANGSENG 24,138.30 1.01%
CHINA SHANGHAI 2,989.55 -0.70%
The broad All Shares Index rose 0.85% to 3,132.82 as 96 issues TAIWAN TAIEX 8,984.49 0.17%
posted gains, routing losers which numbered 46. Fence-sitters were SOUTH KOREA KOSPI 2,213.48 0.71%
AUSTRALIA S&P/ASX 200 4,913.80 1.13%
a slim 23. The rest of the market advanced, with Services on top AUSTRALIA ALLORINDARIES 4,995.70 1.12%
rising 2.27% to 1,578.73. Shares of telecom giant Philippine Long NEW ZEALAND NZ50 3,492.40 0.56%
Distance Telephone Co. [pse: TEL/ nyse: PHI] added php70.00 to THAILAND SET 1,104.09 -0.11%
php2,460. INDONESIA JKSE 3,793.69 -0.19%
INDIA BSESN 19,608.20 0.03%
SINGAPORE Straits Times 3,195.75 0.03%
Value and volume turnovers hit the averages at php4.075 billion MALAYSIA KLSE 1,525.40 0.17%
and 2.317 billion, respectively. VIETNAM HO CHI MINH 464.93 1.86%
www.bloomberg.com As of 1204H 4/25/11
Before the Lenten break, the Finance Department expressed
confidence that Q1 deficit was held in check – with plenty to spare. The budget gap tallied only php8.0 billion through
February and it is highly unlikely the government will post an over php100 billion short-fall in March and breach the
programmed php112 billion for Q1. Furthermore, half of the budgetary allocations have already been released to jump
start development and econo-boosting projects. At the very least, this should keep pressures off domestic interest rates
with government borrowing likely to ease a bit. Both the BIR and BOC which accounts for 70% and 20% of government
revenue collections, have surpassed their revenue goals for the period.

The mainland China market in Shanghai defied regional trends with investors anticipating further monetary
tightening as inflation risks were increased by rising world oil prices. The PBOC has been aggressively clipping
liquidity with combined adjustments to both interest rates and big lenders' reserve requirements.

OUTLOOK for TD80_April 26, 2011

The market will continue to set aside technical suggestions of a corrective action until the next negative development
either here or abroad. The approach of the Q1 earnings season, plus the improving numbers in the macroeconomy, has
given sufficient impetus for investors to continue trading aggressively, even at technically overbought conditions. While
it remains profitable to ride on the current positive momentum, we keep an wary eye on a possible snap in the days
ahead. Over-all, most issues do remain long-term bargains, but for the more enterprising investor with a trading
portfolio, current price levels need to take a breather.

Support and resistance marks at at 4,270-4,300 and 4,350-4,370, respectively. Trade with caution.

, 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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