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DAILY REPORT _for December 3, 2010_Preliminary Outlook for Week 49
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,176.48 27.58 0.66% 696.89M Php5.505 B 66 50 58
Daily Wrap::
The market has managed to pull through the gauntlet of the preceding week with flying colors. We have, over the last couple of weeks,
seen extreme volatily in global markets, resulting to wild swings as each event unfolded. The Philippines, with very little to go by on the
domestic end, took its cue from overseas. Thus when Ireland's problems began to fill business headlines, investors took it as the backdrop to
aggressively book profits, or cut positions taken in anticipation of a break through the 4,400 mark. This activity fed on itself, and with the
index breezing past successive support levels, even technicians made short-term sell calls, pulling the measure even lower.
The problems that threatened to pull the bull back into its cage are still present. Investors' perception of their impact have been diminished.
The bailout package for Ireland was met with mixed reactions, with markets initially ignoring it, opting to factor in the possibility of Spain,
Portugal and other peripheral Eurozone economies falling into the same trap. It took a statement from ECB President Jean Claude Trichet
to ease such concerns. By the end of the week, confidence had crept back into equities. Recent US economic data contributed as well.
This weekend is less tense than the prior one, making investors more confident in taking positions. However, we saw how the attempt to
break through the 4,200 mark was met with a stiff challenge. To a certain extent, this was within our expectations. We will be closely
watching the Western markets tonight and for more developments over the weekend. Ceteris paribus, however, we can fairly expect the
market to make a break of the 4,200 mark towards the middle of the week. Profit-taking will be a contant presence as investors balance
their investments' profit margin and liquidity requirements over the Christmas season.
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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