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 for TD October 27, 2010_Wednesday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,279.53 -7.34 -0.17% 2.242B Php10.346B 61 58 53

DAILY WRAP of October 26, 2010_Tuesday

SHARE prices managed to erase two-thirds of the intra-day decline

to end the session at 4,279.53 just -7.34 points (-0.17%) under last
week's close. Expectations were upbeat after a Thursday-Friday rally
snapped a three-day decline with liquidity anticipated to return to or
past the September averages, spurred by Cebu Pacific's share listing.

Over-all, the outcome was mixed – the market sliding even as CEB
gained a less-than-expected 6.4% off its php125 offer price to close
its first day of trades at php133.00 apiece. Liquidity indeed returned,
with the day aggregating php10.346B, net of php23.029B worth of
CEB shares crossed in a special block sale. (Further excluding CEB
trades in the regular market amounting to php3.4B, total value
turnover remains at an above average php6.946B.)

Despite the general slide, sectoral performances were mixed. The

drag posed by Holding Firms, Property and Service counters
overwhelmed the gains registered by the Financial, Industrial and
Mining & Oil groups.

Trading in the shares of Atlas Consolidated Mining & Development

Corporation (pse: AT) accounted for 90% of the sector's total value
turnover. The Company disclosed that it has executed a Subscription
Agreement with Abacus Securities Corporation covering the terms
for the issuance of 11.2M AT shares to Abacus following the latter's
partial exercise of its option to subscribe to 50M AT shares at
php10.00 each.

Net of the earlier cited block sale, trading in CEB shares accounted
for 88% of the Service sector's total value turnover.

Foreign funds, trading heavily on the IPO issue, netted php17.748B

on the positive tab.

Asia Pacific markets also posted mixed results.

OUTLOOK for October 27, 2010_Wednesday

Netting out the “distortions” CEB's listing and the sudden surge in AT
shares noted above, trends in value flow by sector were sustained.
Prior to this week's opening trades, the average share of Industrial
counters in the daily value pie has dropped from 40% at the end-of-
May to 32% last Friday. Alternatively, those of Holding Firms,
Property and Mining & Oil counters have consistently risen, albeit at a
slow pace. Financial and Service stock's portion have been stable at

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 for TD October 27, 2010_Wednesday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,279.53 -7.34 -0.17% 2.242B Php10.346B 61 58 53

the 13% to 15% range. From this perspective, yesterday's best performers were Bank shares which, as a group, rose 0.84% as it cornered
27% of the net aggregate value turnover. The sector was led by MBT [php75.75, +2.4%, php276.75M], BDO [php60.00, unch, php246.25M],
PNB [php68.00, +4.3%, php226.66M] and BPI [php56.60, unch, php95.29M.] These counters, together accounting for a-fifth of the
market's net value turnover, may remain on investors' focus in today's session. The dissipation of value flow into Industrial counters, even
as it continues to rise should raise some concern on the sustainability of the advance. Alternatively, the increasing flow into Holding Firms,
Property and Mining & Oil, particularly in the context of today's slide (except for the latter) should bring notice to issues classified as such.
Note that among all the Top 20 activ e issues yesterday five (5) were Holding Firms, four (4) Property and one (1) Mining & Oil. There were
also the five (5) bank shares mentioned earlier. Nine (9) of the 20 registered gains, eight (8) retreated and the rest were unchanged.

Another positive from yesterday's result was the positive spread in the ADL, posting a divergence versus the Main Index' direction. This
means that there are enough buyers at an even minimal stretch of decline. This was evident Tuesday where prices picked up past mid-
session after the index fell by over 20 points.

The Dow's recent movements have put a temporary lid on optimism, however. We are confident this lid will be lifted as we enter into the
earnings round.

Initial index support is at the upper limit of a recently broken trading band, 4,250. There are not enough data points moving up to determine
an acceptable resistance line. For this reason, we are temporarily looking at 4,300, both as a psychological level and by virtue of it being the
most recent and all-time intraday high.

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