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GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY WRAP & OUTLOOK_ TD043-44_March 2-3, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,773.71 -10.52 -0.28% 3,444.17 3,850.92 42 80 41
The Middle East crisis remain the standard response to explain the market's volatility – negative
for the most part. It has been keeping the lid on what many believe should be a sustained run.
Fundamentals have stayed strong, the recoveries decent, gradual and stable in economies worst-hit by
the recession, even as the battle against inflation has threatened the growth pace in emerging
economies.
The Philippines thus far, has been spared. Except of course for the rapid rise in the pump prices
of fuel. Despite having held back long-delayed increases in transportation fares, February
inflation, due to be reported this Friday, is seen to have risen. However, in a bloomberg.com
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 WRAP & OUTLOOK_ TD043-44_March 2-3, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,773.71 -10.52 -0.28% 3,444.17 3,850.92 42 80 41
interview, BSP Governor Amando Tetangco admits this has narrowed the scope to keeping domestic rates
low – a first hint at a sooner-than-anticipated tweak. Overnight rates have been kept at the 4.0%-
6.0% borrowing and lending, respectively, since 2009. The next policy and rate setting meeting is
scheduled in the last week of March.
In the meantime, the market will continue to track western markets' movements with still the Middle
East crisis and how it affects their respective economic recoveries as the focal issue. Wednesday
night, the US will report on its non-farm employment change with a consensus building up for a
reduced pace of 178k from 187k the previous month.
On a somewhat positive light, the index has been able to hold the 3,700-3,800 range through these
critical times. That lends confidence on our part that the 3,700-3,730 support band is strong.
Alternatively, the wide losses sustained by the market on a year-to-date, and the still negative
sentiment, tempts investors to take profits, capping rallies. Resistance is pegged at the 3,770-
3,800 range.
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