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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 _ TD110-111_June 7-8, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged

4,236.45 -22.45 -0.53% 2,884.28 3,933.48 54 78 39

MARKET WRAP & HIGHLIGHTS PHILIPPINE MARKET, DAILY STATS


SECTOR INDEX Pts Change % CHANGE

O FFICIAL inflation numbers came in better-than-


expected, giving investors enough breathing space to
take selective positions, cushioning an early 30 points
ALL
FINANCIAL
INDUSTRIAL
2,985.62
958.82
7,144.92
-11.96
0.67
-6.31
0.40%
0.07%
-0.09%
drop to keep the index within a tight 10-15 points trading HOLDING FIRMS 3,484.55 -13.85 -0.40%
range. PROPERTY 1,505.02 -17.65 -1.16%
SERVICES 1,506.00 -23.11 -1.51%
MINING & OIL 18,691.31 121.18 0.65%
The 30-company PSE Index settled at 4,236.45, managing to
AS of 1210H End of Day
restore the 4,230-support following a brief foray beneath the line
ASIAN MARKETS LATEST UPDATE
in early trades. Much of the negativity carried over from the
COUNTRY INDEX LAST % CHANGE
Dow's overnight drop showed up off the bell, dragging the
ASIAN REGION MSCI APEX 50 898.09 -0.39%
measure to an intra-day low of -31.53 points at 4,227.37 at the JAPAN TOPIX 813.76 0.71%
41st minute, before the inflation results were released. JAPAN NIKKEI 225 9,442.95 0.67%
CHINA HANGSENG 22,868.70 -0.35%
Consumer prices rose 4.5% year-on-year in May, a slightly CHINA SHANGHAI 2,744.30 0.60%
quicker pace than last month's revised 4.3%. Netting out the TAIWAN TAIEX 9,057.10 0.12%
impact of oil and food prices, core inflation jumped 3.7% from SOUTH KOREA KOSPI 2,099.71 -0.65%
April's 3.3%. Earlier, market observers and analysts had AUSTRALIA S&P/ASX 200 4,566.30 -0.06%
anticipated the figure to breach the high end of the AUSTRALIA ALLORINDARIES 4,641.10 -0.16%
government's target range of 3.0% and 5.0%. NEW ZEALAND NZ50 3,505.61 -0.26%
THAILAND SET 1,034.75 -1.09%
Trade volume and value turnover remained light, however, INDONESIA JCI 3,842.95 0.23%
reaching just below the php4.0 billion mark on 2.884 billion INDIA BSESN 18,495.60 0.41%
shares changing hands. SINGAPORE Straits Times 3,115.95 0.07%
MALAYSIA KLCI 1,551.89 -0.02%
Sectors were all down except for Financial and Mining and Oil, VIETNAM HO CHI MINH 443.68 2.28%
which together accounted for more than 1/5th of the day's value www.bloomberg.com As of 2302H 6/7/11
of trades. Lepanto Consolidated Mining Co “A” shares [pse: LC]
and Metropolitan Bank and Trust Corporation [pse: MBT] led their respective sectors. LC rose to php0.90 per share
while MBT inched higher by 0.07% to php71.00 per share.

Market breadth remained negative sustaining a bearish trend on the year-to-date. Decliners romped over advancers 78
to 54 while 39 issues were unchanged.

Preliminary OUTLOOK for TD_111_June 8, 2011

The slower-than-projected inflation in May, even as April's number was revised downward to 4.3%, eases some fears of a
third interest rate tweak when the Monetary Board sits next week. However, a pick-up in spending this month, carried
over from the latter part of May, as schools opened a fresh academic year, plus continued volatility in world crude oil
prices wrought by protracted conflicts in the oil rich Middle East region and the OPEC's meeting on production quotas in
Vienna this week, keeps inflation-watch on top of investors' agenda of considerations.

A rebound in equities in European and US equities in early trades may provide reason for investors to take a similar path.
Stocks followed a technical pattern after an extended decline pulled valuations lower. There is also a sense that the sell-
off on lingering concerns over a stalled global recovery may have been overdone. With the US economic front quiet, we
can, at the moment, assign a technical reason for the rebound. Also contributing to the advance may have been the
growing spreads in the credit and bond swaps, particularly in Europe as Greece's debts continue to roil sentiments. On
an equal risk basis, stocks, which have become cheaper than bonds, may have become a more profitable proposition over
the short- to medium-term. That is, until some clarity as to the 2 nd rescue package for Greece is officially announced.
Besides, despite the over-all poor economic numbers that have come out recently, listed-companies have generally pulled
decent earnings figures.

, 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 3
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 _ TD110-111_June 7-8, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged

4,236.45 -22.45 -0.53% 2,884.28 3,933.48 54 78 39

On the technical front, the index has wiped out over three-
fourths of the advance registered over the preceding four
weeks to 4,297.62 last Friday. As the general bias
remains negative, despite an anticipated technical
rebound today, Wednesday, we keep a heightened watch
at critical pull-back lines. Past the psychological 4,200-
line, initial support is found at 4,135. Meanwhile, the
intermediate level is at 3,600 coincident to the 50% mark
of the Fibonacci line. Long-term support is at 3,090.
Moving higher, we are a bit more conservative, expecting
a breach of the 4,270-4,300 range to invite profit-taking.

CORPORATE NEWS & DISCLOSURES

SAN MIGUEL CORPORATION [pse: SMC]


Disc. No. 4349 s. 2011 PR ON GROWTH EXPECTATIONS
Disc. No. 4342 s. 2011 CASH DIVIDEND DECLARATION
The newly diversified conglomerate, who nevertheless maintains its leadership in its traditional food and beverage lines,
expressed its confidence on the progress of its new businesses, which significantly contributed to its 2010 growth. These
fresh revenue streams from the power and oil businesses, complementing the old, are the hinges on which a bullish
performance this year holds. Petron Corporation [pse: PCOR] whose results will be fully consolidated this year in on
track with its expansion project for the Bataan refinery, making it compliant with Euro 4 global environment standards.
In prior statements, SMC has pointed to PCOR as a major revenue contributor in the years ahead. Meanwhile, the power
generation segment is targeting to double its capacity in the next five- to seven-years. These two business alone reflect a
substantial rise in bottomlines based on pro-forma statements. On the other hand, the flows from the food and beverage
businesses continue to grow at a consistent pace. BUY & HOLD

Dividend amount : php0.35 per share


Ex-Cash Date : July 5, 2011
Payment Date : July 22, 2011

Other Disclosures:

TRANS-ASIA OIL AND ENERGY DEVELOPMENT CORPORATION [pse: TA]


Disc. No. 4344 s. 2011 UPDATE ON VISAYAN BASIN

ISM COMMUNICATIONS CORPORATION [pse: ISM]


Disc. No. 4326 s. 2011 ACQUISTION OF PBC

SEMIRARA MINING CORPORATION [pse: SCC]


Disc. No. 4330 s. 2011 POWER PROJECT

PAXYS, INC. [pse: PAX]


Disc. No. 4337 s. 2011 SMARTSALARY-BPI BENEFITS SOLUTIONS

Note: Details on the other disclosures could not be downloaded from the Exchange website.

, 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 3
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 _ TD110-111_June 7-8, 2011
PSEI Pts Change % Change Volume Value Advancers Decliners Unchanged

4,236.45 -22.45 -0.53% 2,884.28 3,933.48 54 78 39

STOCK LAST CLOSE SUPPORT RESISTANCE RSI(14) STO (14,3,) EMA(10) EMA(150)
PSEI 4,236.45 4,220.00 4,270.00 47.23 55.30 4,269.18 4,055.42
BDO 58.00 57.50 59.00 57.11 65.26 57.96 53.75
BPI 57.55 55.00 60.50 50.40 73.70 57.33 55.90
CHIB 420.00 415.00 442.50 40.43 32.20 421.88 426.17
MBT 71.00 63.00 75.00 57.96 62.21 70.48 66.16
AC 384.00 375.00 397.50 51.80 65.57 384.67 372.09
AEV 39.75 38.80 42.00 50.06 56.95 39.90 36.95
AGI 9.90 9.80 11.00 27.31 5.28 10.37 10.84
JGS 26.00 25.00 27.00 51.68 46.36 26.14 22.54
LPZ 6.15 5.85 6.30 42.83 11.90 6.40 5.55
MPI 3.40 3.30 3.50 42.45 40.87 3.43 3.53
SM 565.00 520.00 570.00 52.55 65.91 564.21 522.54
AP 29.20 27.00 31.00 45.49 53.62 29.38 28.41
DMC 41.40 38.00 44.00 45.43 41.60 41.65 37.03
EDC 6.50 6.40 6.80 46.68 57.63 6.59 6.12
FGEN 14.40 13.75 15.50 46.47 28.84 14.61 12.95
FPH 62.55 61.50 64.00 46.56 33.33 63.20 60.71
HLCM 11.20 10.50 11.50 42.12 15.69 11.18 11.52
JFC 88.00 79.00 89.00 46.49 64.31 87.98 85.30
MER 265.20 257.00 270.00 62.04 78.80 257.11 233.45
MWC 18.32 17.50 18.50 56.37 78.33 18.29 18.04
PCOR 13.50 13.30 14.60 45.09 36.02 13.47 1.00
URC 42.80 39.00 45.00 64.67 79.47 42.47 12.87
LC 0.900 0.890 0.930 60.80 61.79 0.881 0.724
LCB 1.050 0.980 1.090 67.45 76.85 0.981 0.592
PX 20.45 18.50 21.00 60.17 62.67 20.32 16.07
SCC 209.00 202.00 217.00 40.73 10.90 211.95 196.52
ALI 15.02 15.00 16.50 35.56 19.72 15.54 15.70
FLI 1.19 1.18 1.32 41.63 16.67 1.22 1.20
MEG 2.04 1.94 2.14 41.36 42.67 2.07 2.15
RLC 12.16 11.50 13.00 37.48 25.91 12.48 13.55
SMPH 11.74 11.34 12.00 46.18 51.11 11.86 11.42
VLL 3.20 3.00 3.25 55.55 40.00 3.20 2.92
ABS 39.50 37.50 43.00 44.00 41.90 39.99 43.16
GLO 860.00 830.00 890.00 48.59 39.39 868.13 824.79
ICT 51.00 48.00 53.00 51.86 46.93 51.53 44.20

Rules of Thumb: RSI - <30, oversold/>70 overbought; STO - <20, oversold/ >80 overbought; Generally, oversold conditions merit a
BUY, overbought signals an oncoming SELL; EMA's are used as reference to locate index/price and serves as important support-
resistance levels.

, 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 3 of 3

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