8/7/2019 DRO_for January 26, 2011_Wednesday
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ACCORD CAPITAL EQUITIES CORPORATIONGF EC-058B East Tower, PSE
Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605
(632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK_ TD017 & 018_2011_January 25-26,
2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers
Decliners Unchanged
3,960.30 57.59 1.48% 854.50 6,184.10 88 41 43
Meanwhile,citingthetwinimpactof
improvedrevenueandprudentspending,theFinanceDepartmentexpressedconfidencethatthefullyear2010budgetdeficitwillkeptbelowtheprogrammedceilingofphp325billion.RevenuecollectionsthroughNovemberamountedtophp1.104trillion,8.1%higheryear-on-year,whiledisbursementsreachedonlyphp92.3billion,significantlybelowthephp1.4669trillionprogrammed.Thedeficitisprojectedtobeatphp310billion.
MARKET'S
REACTION:LOCALsharepricessurgedattheopening,gappingup61.21pointsto3,963.92,borrowingoptimismfromtheDow's100pointturn-aroundanddiscountingtheinflationoutlook.However,tradesremaineddrythenceforth,keepingtheindexwithina25-30pointband.Alatesessionpick-upsenttheindextocloseat3,960.30,57pointshigherthanthepreviousday.
Allsectorspostedgains.Advancersturnedthetablesondeclinersforthefirsttimeinfivedays,88-41.Unchangedcountersroseto43.
Valueturn-overlikewisepicked-up,reachingphp6.184billion,lendingsomeconfidenceintherebound.
DISCLOSURES HIGHLIGHTS January25,2011_TuesdayATLAS CONSOLIDATED
MINING & DEVELOPMENTCORPORATION [pse:
AT]DiscNo2011-0625CarmenCopperCorporation (CCC), a subsidiary,
completed its35th shipment of copperconcentrates since it started
operationsand its third thisyear. The 5,121.46 dmt consignedto
Yantai,P.R.O. China, is estimated to generate revenue of
roughlyUS$12.932M. About 1,975.64 dmt arestoredin its Sangi
Portwarehouse. Year-to-date, CCC has shipped over 15k dmt
ofcopperconcentratesworthapproximatelyUS$35.833million.
Technicalsigns are still negatively biased. Price remains
underthe 50pdEMA, which it broke Monday dragging the
10pdEMAtowardsapossiblebearishcrossoftheformerline.Priceactionitself,hasbreachedanuptrendlinedrawnfromDecember.
Even
asSTO(10,6)ispulleddeeperintooversoldterritory,wehaveyetto see a
significant reversal in the distributivepressure.
Initialsupportatphp15.70whilethemajorlineisatphp14.60. SELL
ONSTRENGTH
ETON PROPERTIES PHILIPPINES, INC [pse: ETON] DiscNo2011-0629
TheLucioTanpropertyunitclarifiesthatthereported20.35billionrenminbi
(php140 billion) capex for seven (7) mainland Chinaprojects are run
and managed by Eton China, a separatelyregistered, managed and
operated entity from PROC.
EtonPhilippineshavenocontrolorparticipationinthesaidprojects.
PricehasbeenonanuptrendsincethemiddleofDecember.However,STO(10,6),MACD(12,26)andtheAccDistLinearestill
negatively pointed. Volume turn-over remains insignificanthoweverto
draw expectationsof an immediate termsurge. The
failureoftheunderlyingindicatorstosupportthepriceactionraisesthetechnical
risks inthe issue. The 10pdEMadraws a
possibledownsidepenetrationofthe50pdEMalinewhichmaycauseadraginthenear-term.NEUTRAL/SELL
DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR
INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR
MADE AVAILABLE TOOTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE
CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY
SECURITY. WHILE THE INFORMATION HEREIN ISFROM 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, WESHALL NOT BE
RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR
OPINIONS CONTAINED HEREIN. SOME OF THE VIEWS EXPRESSED IN
THISREPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES
CORPORATION ON THE CREDIT-WORTHINESS OR INVESTMENT PROFILE OF THE
COMPANY OR THEINDUSTRIES MENTIONED.
DAILY Report Page 2 of 3
