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 24, 2010 Friday
PSEI: 4,067.43, 13.38 pts., 0.33% ; Total Volume: 8.126B; Total Value:php5.795B Adv: 90 Dec: 56 Unch: 35

OUTLOOK: September 24, 2010_Friday

EVIDENTLY, the last two sessions have given some clues of a market
that is possibly getting tired following an extended upswing on heavy
value turnover. While there are no strong indications at present to call
for a reversal of the trend, a near-term slide is not discounted.

Over the last two sessions, values have marginally dropped as the
index retreated off its all-time highs, both intraday and closing levels.
Yesterday totaled php5.687B, lower than the previous session's
php6.093B. And although the market advanced by 13 points, it
covered roughly one-third of the preceding day's decline.

Furthermore, the sudden shift of funds to the Mining & Oil sector,
which together with the Service sector, have “lagged” the market
both in terms of value flow and their respective measure's rise,
indicates possible over-valuations among less speculative,
fundamental counters. The underlying momentum indicators, RSI
(14) and STO (10,3) still hover above the overbought line keeping the
correction expectations on the trading table.

In the chart above, we see the market treading the 3,970 to 4,130
band in the succeeding days. Nevertheless, we may continue to stay
on a positive tilt with quarter-ending trades taking positions for a
possible window-dressing.

DAILY WRAP: September 23, 2010_Thursday

LOCAL share prices rebounded from the prior session's slide, albeit
recovering only a third of the losses with trades drawn towards
Miining & Oil counters as world metal prices gained.

The 30-Company main measure climbed 13.38 points, 0.33% to

4,067.43. All sectors traced as similar path led by the Mining and Oil

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 24, 2010 Friday
PSEI: 4,067.43, 13.38 pts., 0.33% ; Total Volume: 8.126B; Total Value:php5.795B Adv: 90 Dec: 56 Unch: 35

group's 7.4% rise by 940 points to 13,616.06. Service counters continued to crawl, inching up by a mere 1.93 points or 0.12% to
1,608.11. The broader measure added 6.59 points, for a slower 0.26%.

Asian stocks were mixed, with the major markets mildly retreating. European stocks fell, extending losses to a third day, on the weight
of resurgence of concerns over the possible impact of the sovereign debt crisis on the region's economy. Earlier, service and
manufacturing growth missed analysts' forecasts highlighting the slowing pace of the recovery.

Advancers rout of decliners continued, 90-56, with the spread slightly narrowing, indicative of a growing hesitation as the market
furthers its advance.

Value turnover remained a robust php5.7 billion, sustaining a rise in the daily averages. The share of Mining & Oil shares rose to a little
over one-fifth of the day's total, nearly five times its year-to-date average portion of about 5-6%. Only the Service sector's piece of the
value pie remained under 10%.

CORPORATE DISCLOSURES (as of 12nn)

BOULEVARD HOLDINGS, INC. [pse: BHI, php0.082, 17.14%]

The Company's Board of Directors has approved a private placement of up to Php500M to fund the development of Fridays Boracay,
Fridays Boquete and Fridays Paniman. Chairman and CEO Mr. Jose Marcel Panlilio was authorized to finalize the terms and conditions
thereof.

As of its Fiscal 3rd Quarter ending February 2010, the Company generated total sales of php102.645M, nearly 7% weaker, year-on-year.
Expenses rose 6.5%, squeezing profits by 92% to just php542.5k versus the php6.9M over a comparable period last year. Pre-tax
income was cut by almost half to php1.578M from php2.797M. BHI is primarily engaged in the hotel and resort business along with
various investments.

The Company's shares have risen by 46.4% to php0.082 over the

last six (6) sessions. Volume spiked to over 5 million shares over
the last four. The 10pdEMA crossed the 50pdEMA in Wednesday's
trades when it closed at php0.07. At yesterday's close, it has
likewise broken the 150pdEMA of php0.07185. There may be some
residual momentum going into today's session with a potential
price resistance at php0.10. RSI (14) leaves some room for such
upside at 64.38 even as STO(10,3) is already deep in overbought
territory. Volume/value trends continue to favor accumulation.
TRADING BUY.

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