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 October 7, 2010 Thursday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4196.73 25.03 0.6 2.361B Php6.071B 77 63 45

DAILY WRAP of October 6, 2010_Wednesday

WITH optimism heightened by a strong surge in US markets

overnight, investors pushed 77 stocks higher while the ever-present
profit takers pulled 63 lower. The PSE Index reached another high,
closing at 4,196.73, treading almost the whole range of our year-
end index target band. The measure jumped 42.39 points off the
opening bell, extending gains by as much as 54.6 points to a new-
all-time intraday high of 4,226.48, before sellers capped the bull's
advance, retaking over half of the positive spread.

Value turnover reached php6.071 billion, pulling up the month's

average to php4.152 billion. This is over a third slower than the prior
month's average but is above the year-to-date figure. Both volume
and value totals for today were nevertheless a tad weaker than
yesterday's which accompanied a -16 points slide.

Official and final numbers on foreign activity is still unavailable as

this is being written. And so is the distribution of values across all
sectors.

Laggard services sector and speculative Mining & Oil counters

registered the biggest advance, at 1.19% and 2.72%, respectively, at
least double the Main Index' 0.60%. Legitimate gold and precious
metals miners remain a viable trading play as the major currencies
(US$ and euro) struggles on the weight of their respective
economies' pace of growth. On the other hand, service counters,
which as a group, has generally underperformed the market, have
become relative safe havens with a strong potential on the
assumption it will eventually “catch-up” with the rest.

Asian stocks were higher following the Bank of Japan's action on its
rates. Anticipations of a similar tack being taken by its neighbors in
the region perked up sentiments already heightened by the Dow's advance. The MSCI Asia Pacific Index climbed to its highest in 26
months.

OUTLOOK for October 7, 2010_Thursday

Both US and European market index futures are in the green past noontime. This could mean that Europe will trade higher this afternoon,
factoring in both the US and Asian market's movements. Europe continues to find a long-term solution to and prevent a recurrence of the
region's debt burden. Concerns over the health of banks and financial institutions have increased volatility in the capital markets. The US
meanwhile have received a boost from recent economic data releases showing improvements in the critical sectors seen a the fulcrum on
which the sustainability of a recovery, slow-paced as it is at present, rests upon.

Local's optimism is such that the market has defied most technical signals even as fundamentals take time to catch up. The common
perception is that it will get there. Treading uncharted territory and with q3 earnings about a month or so away, the market should be

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 October 7, 2010 Thursday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4196.73 25.03 0.6 2.361B Php6.071B 77 63 45

drifting along, but it is not. Investors not wanting to be left behind by the next wave north, jumps into the fray at minimal dips- an
apparently, aggressively so. Nevertheless, with today's volume and value slower in an advancing market compared to the prior day's
decline, and adding the fact that profit-taking erased a little over half of the day's gains, prudence dictates to keep the flag of caution on
the center of the trading table.

The market tested but failed to break the higher end of our full year target range of 4,200-4,230. We thus hold that level a valid up to this
point. Immediate support, given the bullish sentiment prevailing in the market, is adjusted upwards to the 4,150-4,170 band. We continue
to maintain the view that the market's run has extended to a point where the risks of a snapback has been greatly increased. Again, trade
with caution, and focus on fundamental readings.

At the end of the day, a profit is a profit and that is what we are in the market for. Alternatively however, we find logic in risking a part of
the unrealized or unbooked gains in positions in exchange for the prospects of even bigger gains. It would be wise to put a SELL STOP on
currently held profitable positions while allowing such profits to run.

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