ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD032-33_February 15-16, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,790.78 -5.95 -0.16% 602.23 3,511.99 51 72 39

Daily Wrap PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
THE local market continues to move against regional trends, ALL 2,960.63 57.57 1.98%
giving up 5.95 points or -0.16% to 3,790.78. On a slightly FINANCIAL 836.62 0.38 0.05%
positive note, however, sectoral performances were mixed with INDUSTRIAL 6,678.32 9.21 0.14%
the broader All Shares Index posting an almost 2.0% gain to HOLDING FIRMS 3,114.66 12.86 0.41%
2,960.63. Financials, Industrials and Holding Firms likewise PROPERTY 1,418.05 -6.51 -0.46%
registered wins while the rest of the sectors fell. SERVICES 1,462.77 -17.59 -1.19%
MINING & OIL 13,717.83 -13.45 -0.10%
Value turnover remained thin, reaching only php3.5 billion on a As of 1210H End of Day
little over 600 million shares changing hands. Advancer reprised ASIAN MARKETS LATEST UPDATE
its trailing role, losing the day to decliners, 51-72. There were 39 COUNTRY INDEX LAST % CHANGE
other issues that were traded and closed at yesterday's level. ASIAN REGION MSCI APEX 50 861.77 0.10%
JAPAN TOPIX 960.76 0.16%
The optimism that greeted Monday was shortlived and it has JAPAN NIKKEI 225 10,725.82 0.00%
become a challenge for the market to find motivation to shed its CHINA HANGSENG 22,989.59 -0.57%
pessimism, or at the very least, its apprehension from loading up CHINA SHANGHAI 2,907.01 0.27%
its equity portfolios. TAIWAN TAIEX 8,733.40 0.55%
SOUTH KOREA KOSPI 2,022.86 0.41%
The Dow was practically flat overnight, slipping by only 5.07 AUSTRALIA S&P/ASX 200 4,933.90 -0.04%
AUSTRALIA ALLORINDARIES 5,022.90 -0.01%
points even as it maintained its 12,200 level. The S&P 500 and
NEW ZEALAND NZ50 3,386.04 0.08%
the Nasdaq were nevertheless higher. Europe was generally
PAKISTAN KARACHI 100 11,946.09 0.02%
down with only the German index posting gains in yesterday's
SRI LANKA Sri Lanka Colombo 7,811.82 2.97%
trades.
THAILAND SET 967.07 0.00%
INDONESIA JKSE 3,416.77 0.74%
Japan raised its economic assessment following strong exports
INDIA BSESN 18,202.20 2.67%
as the economies of its trading partners improve. The Bank of
SINGAPORE Straits Times 3,091.98 -0.40%
Japan, taking cognizance of this development, kept the MALAYSIA KLSE 1,505.33 0.72%
benchmark rate at between zero and 0.1 percent as well as VIETNAM HO CHI MINH 509.48 -0.89%
maintaining the size of its asset-buying program fund at US$60 BANGLADESH DSE General Index 5,579.50 0.00%
billion. MONGOLIA MSE Top 20 29,550.50 7.10%
LAOS Laos Composite 1,646.05 0.00%
China, on the other hand, saw consumer prices rising for a fourth As of 1226H 2/15/11
month, exceeding government's 2011 target. China's inflation
has been at the core of investors' fears of tighter monetary conditions moving forward. Prices in the world's officially second largest economy
increased 4.9% in January. This follows a 4.6% rise in December. Yet even so, the market in Shanghai rose 0.27% through midday, albeit
the Hong Kong bourse was losing a little over half-a-percent.

PRELIMINARY OUTLOOK FOR TUESDAY,_February 16, 2011

LOCAL investors remains clueless as to what strategy to adopt in the market moving forward. While the onset of the earnings season (Q4
and full year 2010) should provide some positive spirit to ttrades, the market appears to be taking its time before aggressively loading up on
their equity portfolio. Of course, the growing inflationary regime in China is one source of “fear,” even as the BSP has stated the country is
far from being drastically affected. Cautiousness has obviously rubbed in on the market as the year started on the weak side of trades.

Today's trades however indicates a slight shift in bias, not quite readily observable. The opposing movement of the broad market versus the
composite and the rise in three of the six sectors signify there are opportunities recognized by some, which are nevertheless at the moment
insufficient to turn the over-all tide.

We expect investors to continue adopting a wait-and-see mode maybe through the rest of the week. One problem, Egypt, has been resolved
– although the focus now turns to that country's ability to get back on its feet. A nation's economy is usually found to be “troubled” in post-
dictatorship eras. Whether this will create another financial problem for global markets moving forward is a question that hangs in the
balance.

Market's immediate targets both ways are at 3,730 and 3,830.

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 REVIEW & OUTLOOK_ TD032-33_February 15-16, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged
3,790.78 -5.95 -0.16% 602.23 3,511.99 51 72 39

CORPORATE NEWS & DISCLOSURES

PHOENIX PETROLEUM PHILIPPINES, INC [pse: PNX]

Disc. No. 2011-1268 AUDITED FS for FULL YEAR 2010
The Company released its audited financial statements for the year-ended December 31, 2010 showing a 155.1% increase in revenue.
However, higher costs chipped off the bulk of this number resulting to lower net profits of php427.21 million, -43.2% versus 2009 totals. EPS
thus falls to php1.43 from php3.48 in the preceding year.

NIHAO MINERALES RESOURCES INTERNATIONAL, INC [pse: NI]

Disc. No. 2011-1277 EXECUTION OF DEED OF ABSOLUTE SALE
The Company has executed with Mr. Fernando S. Borja a Deed of Absolute Sale for the former's acquisition of an additional 60,000 shares of
Oriental Vision Mining Philippines Corporation (ORVI). This brings NI's ORVI holdings to 63,000 or 30% of the latter's outstanding shares.

PNOC EXPLORATION CORPORATION [pse: PEC]

Disc. No. 2011-1278 INCREASE IN SRO TO 10%
The Company is finalizing plans to increase its shares offering to widen its public ownership and comply with the Exchange's continuing
listing requirements.

LEPANTO CONSOLIDATED MINING COMPANY [pse: LC]

Disc. No. 2011-1280 APPROVAL OF INCREASE IN AUTHORIZED CAPITAL STOCK
The Company has received SEC approval of its application to increase its authorized capital stock to php6.64 billion from php3.35 billion in
support of its recent 1-for-3.3 stock rights offering.

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