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 14, 2010 Thursday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4194.06 27.5 0.66% 0.888B Php5.442B 63 68 37

DAILY WRAP of October 13, 2010_Wednesday

WITH the US Dow Jones barely managing to end in the positive after
spending most the the session under, local investors' confidence
remained on tempered. This despite a general rise in early trades
among Asia Pacific markets, which read an encouraging signal of a
possible Federal Reserve easing from the minutes of its most recent
meeting.

Philippine shares began where it left off Tuesday, giving up 8 points

through the first 30 minutes of trades, approaching the critical support
range of 4,120-30. Nevertheless, as we had anticipated in yesterday's
report, buyers re-entered just as soon as the index approached the -100
point mark off it's Thursday high propelling the measure back into
positive territory, arresting a three-day slide.

The PSEI ended the session at 4,194.06, 27.5 points (0.66%) higher.
Sectoral performances were mixed even as the broader measure gained
a slower 0.42%.

Advancers failed to narrow the accumulated gap although the day's

breadth was a narrower -5, indicative of the aggressive return of buyers.

Value of trades was a narrower php5.4B from the previous session's over
php6B turnover.

OUTLOOK for Thursday, October 14, 2010

INVESTORS have apparently decided that a nearly 100-point drop was

sufficient enough a correction as yesterday's action showed – no matter
that it took the market roughly three-and-a-half session to accomplish
this.

Yesterday's rise however fell short of the 4,200 resistance line and we
expect optimism to continue to flow and restore the index above such line.

Dow futures which was up by 24 points as trades opened, was cut by half
at closing time. The US market is closely watching Asian market's
digestion of bullish Fed minutes of its most recent rate-setting meeting.

We peg resistance for today's market at the 4,230-4,245 range with

support restored to the 4,170 level.

**There were no material disclosures as of the time of this report.

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