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, for TD September 28, 2010 Tuesday
PSEI: 4,122.83, 44.05 pts., 1.08% ; Total Volume: 4.795B; Total Value: php6.613B Adv: 90 Dec: 71 Unch: 30

OUTLOOK for the Day:

IF the Dow futures index is an accurate barometer of how trades will conclude in tonight's session, we should see a spill0ver of Friday's 200-
points surge. As we have adverted to in our weekly outlook, it is a rather tame week of economic data releases. None is expected Monday.
The biggest impact will probably be provided by Fed Chairman Ben Bernanke's testimony and speech before the US Senate and a Town Hall
Meeting with educators in Washington DC, resepctively. At any rate, the markets have apparently written off any possibility of a tweak in
the policy target rates for the rest of the year.

European markets are likewise cluing in on a good trading session. Other than the debates on whether a second dip is to occur, the region's
debt problems have kept a lid on confidence, reflecting in a rather slow pick up in equities compared to emerging markets.

At any rate, the approaching close of the third quarter is expected to invite bettors on traditional window dressing. This should, at the very
least, provide a modicum of support from the market, keeping it from a massive slide. We are in fact, expecting a run up to close the month.
Support and resistance range is between 3,930 and 4,200.

DAILY WRAP: September 27, 2010_Monday

BUOYED by an almost 200 points advance in the Dow Friday night

on the back of an improved, but modest, economic outlook, locals
returned to the market Monday hunting for and picking up relative
bargains and betting on momentum-driven counters.

The main Philippine shares index added 44.05 points or 1.08% to

4,122.83, breezing past our indicated resistance mark of 4,100 but
failing to pierce the upper limit of the range (4,130). Nevertheless,
it set yet another all-time high. The broader All Shares Index gained
34.29 points or a quicker 1.34% pace to 2,484.47, likewise its record
high. At least three of the sectors have recently re-written their
highs, surpassing 2007 levels. The performances are tabled herein.

In this context, Financial, Property and Service counters are

“laggards” making it worthwhile to look into these sectors for
possible bargains, fundamental and/or technical.

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, for TD September 28, 2010 Tuesday
PSEI: 4,122.83, 44.05 pts., 1.08% ; Total Volume: 4.795B; Total Value: php6.613B Adv: 90 Dec: 71 Unch: 30

Value turnover reached nearly twice the php3.5B year-to-date average at php6.613B. Yet, it pulls the September average higher which
as of Friday's close stood at php6.292B, net of block sale totals. Daily volume averages, on the other hand works out to 3.76B for
September and 1.673B on a year-to-date. Monday's total exceeds both means, indicating sustained strength of the market's advance.

The market's breadth continues to improve, closing yesterday at -100, its highest level since January 20's -72 when the PSE Index
closed at 3,083.86, as the market began a descent through the first week of February before staging a massive rally which continues to
this day, interrupted only briefly in May when the European debt crisis surfaced.

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