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ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, 1605 (+632)687-5071 (trunk)

SECTOR PSEI ALL FINANCIAL INDUSTRIAL HOLDING FIRMS PROPERTY SERVICES MINING & OIL

PHILIPPINE MARKET, DAILY STATS INDEX Pts Change 4211.81 58.70

% CHANGE 1.41%

DAILY MARKET REPORT


TD 119-120_June 21-22, 2011
COUNTRY ASIAN REGION JAPAN JAPAN CHINA CHINA TAIWAN SOUTH KOREA AUSTRALIA AUSTRALIA NEW ZEALAND THAILAND INDONESIA INDIA SINGAPORE MALAYSIA VIETNAM ASIAN MARKETS LATEST UPDATE INDEX LAST MSCI APEX 50 856.11 TOPIX 815.73 NIKKEI 225 9,459.66 HANGSENG 21,850.60 SHANGHAI 2,646.48 TAIEX 8,597.62 KOSPI 2,048.17 S&P/ASX 200 4,508.20 ALLORINDARIES 4,565.20 NZ50 3,459.56 SET 1,027.72 JCI 3,794.94 BSESN 17,560.30 Straits Times 3,053.51 KLCI 1,560.79 HO CHI MINH 442.74 www.bloomberg.com AS OF 1904H % CHANGE

2,953.49 928.03 7,077.57 3,493.88 1,489.15 1,515.66 18,346.24

9.48 15.60 -31.41 28.82 5.55 56.46 50.46

0.32% 1.71% -0.44% 0.83% 0.37% 3.87% 0.28%

1.62% 1.10% 1.13% 1.16% 0.96% 0.78% 1.41% 1.27% 1.17% -0.23% 1.44% 1.76% 0.31% 1.32% 0.10% 2.57%
6/21/11

HILIPPINE shares joined its Asia Pacific peers in snapping an extended decline as worries over Europe's debt crisis eased. A rally in the Dow Jones overnight served as an appetizer for investors hungry for positive leads. The positive start restored the main equity index above the 4,200-line, adding 58.70 points or 1.41% to Friday's close to 4,211.81. Industrial counters, in general, were not as fortunate, as it dropped to 7,077.57, -31.41 points or -0.44% lower. Energy and utility shares were the biggest drag on the sector. Aboitiz Power Corporation [pse: AP] slipped php1.00 or -3.17% to php30.55, electric distribution company Meralco [pse: MER] gave up php2.00 or -0.74% to php267.00 and water utility Manila Water Corporation [pse: MWC] retreated to php18.68, -3.41% lower. These three issues combined for php337.085 million, roughly 6.0% of the day's total value turnover.

Nevertheless, market breadth remained positive, as decliners edged advancers, 67-63 with 41 counters unchanged. This puts some doubt on the sustainability of the advance as well as the restoration of the 4,200-level. Today's surge requires further validation in the coming sessions. Asian markets cheered the Dow's 76 points advance even as concerns over Europe's debt saga continued. Hopes of an early resolution to the crisis raised by Germany's softened stance on the involvement of private bondholders, hit a snag with political pressures on the Greek leader to win a confidence vote before Parliament. The vote is due today. The market's technical condition improved, with the index moving above both 10pd and 50pd EMAs. Successive higher lows at 4,123 and 4,153 over the four prior sessions lend some confidence on the 4,130-50 support range. Nevertheless, although we may see a rally in the ensuing sessions, we remain wary over the absence of convincing signals that a reversal of the nearly two-week negative bias is forthcoming. At present, the general suggestion is for a range-bound market with a residual bearish headwinds. Having said that, the presence of bargain valuations, both from the fundamental and technical fronts, and the approach of the next earnings cycle will provide some reason for positive, albeit tamed, upside spin to trades. Europe's debt remains the fulcrum on which the fate of the markets worldwide rests on.

, 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 1

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