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 29, 2010 Wednesday
PSEI: 4,123.95, +1.24 pts., +0.03% ; Total Volume: 3.67B; Total Value: php5.314B Adv: 60 Dec: 78 Unch: 44

OUTLOOK for the Day:

YESTERDAY, the Dow action moved contrary to early suggestions by the futures index, at least up to the local market's 12nn close. Today,
the measure is flat. Up later will be Fed Chairman Ben Bernanke's testimony before the US Senate and a speech before educators in
Washington DC. The Chicago Board is likewise set to release data on consumer confidence with expectations the number will slip by one
index point from last month's 53.5. The absence of an impetus from the economic front may keep the markets moving sideways.

On the homefront, the close of the month, and consequently the third quarter may invite plays on window-dressing, particularly on
fundamentals-backed counters. Support and resistance marks are unchanged from yesterday at 3,970-4,00 and 4,170 to 4,200,
respectively.

DAILY WRAP: September 28, 2010_Tuesday

DEPRIVED of a convincing guidance, local investors groped for form, opting to take profits early on to pull the index to as low as -18.47
points before bargain hunters stepped in to push the measure back
into positive territory at the bell.

The 30-Company PSE Index closed the session at 4,123.95, slower

than the broad market's 0.16% advance. Financials, Holding Firms,
Property and Mining and Oil dipped while the Service sector gained
by half-a-point.

The US market slipped 48 points overnight. Asian markets likewise

lost some of its footing

DISCLOSURES:

PACIFIC ONLINE SYSTEMS CORPORATION [pse: LOTO, php16.16,

+0.373%]
The Company confirmed news reports it is selling treasury shares to
raise php2 billion at php16.00 per share to fund the expansion of its
network for lottery and Keno operations. Earlier, the Company's
Board had authorized a share buy-back program covering roughly
2M shares, plus an additional program for a maximum of 10% of its
outstanding capital stock. To date, the firm's treasury stock stands
at 7,375,600.

INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. [pse:

ICT, php38.45, +0.392%]
The issue over the implementation of MICT Berth 6 Project
continues with a Manila City Council Resolution numbered 141
adopting the findings of an ad hoc committee citing the project as
wanting in necessary approvals from the local government. MICT
Berth 6 Project is being undertaken by the Company with PPA
approval. It thus becomes a jurisdictional issue. The construction
will continue even as the Company brings the matter before the
courts.

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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