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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 28, 2010_Thursday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,285.07 5.54 0.13% 2,542B Php5.506B 68 73 39

DAILY WRAP of October 27, 2010_Wednesday

EQUITY prices failed on a second test of the 4,300-barrier as a 20-


point rally off the opening bell fizzled out, thawed by a continued
lackluster performance of the newly listed Cebu Pacific.

The composite of market cap heavy issues ended the session almost
flat, adding just 5.54 points to Tuesday's level at 4,285.07. The
broader measure of all firms rose by a bigger 9.02 points (0.33%)
even as sectoral performances were mixed.

The Gokongwei-owned airline gave up php2.00 (-1.5%) of its


php8.00 gains on its debut yesterday. It nevertheless managed to
hold above its Offer Price of php125.00, narrowly escaping the fate
of a number of more recent IPOs and listings which saw share prices
fall right on Day One.

Financial counters provided the positive push, rising 20 points or


2.07%. We have yet to gather data on value distribution, but if the
prior session's trend held, we could expect this sector to have
received a substantial portion of the pie. Banco de Oro Unibank
[BDO] and Metropolitan Bank and Trust Corporation [MBT], two of
the nation's industry leaders, landed in the Top 5 actives list, rising
1.58% to php60.95 and 4.6% to php79.25, respectively. Initial value
turnover figures show both combined for nearly 20% of the market's
aggregate.

Holding Firms and Mining & Oil counters provided the countervailing
force, dropping 26.02 points [0.76%] and 39.32 points [0.31%],
respectively. SM Investments Corporation [SM] was the principal
drag in the former, slipping to php530.00 [-0.84%] on php361M
worth of shares changing hands. The slump in the Mining sector was
led by Atlas Consolidated Mining & Development Corporation's [AT]
-2.64% decline to php19.18 per share, snapping a five-day, 16.2%
surge.

Advancers trailed decliners, 68 to 73, erasing Tuesday's thin +3


spread. Only 39 counters traded unchanged.

A total of 2.542B shares worth php5.506B changed hands.

Asian markets were also on a slump as commodity prices fell and the
US dollar gained.

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 28, 2010_Thursday
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,285.07 5.54 0.13% 2,542B Php5.506B 68 73 39

OUTLOOK for October 28, 2010_Thursday

Investors are generally keeping their hands in their pockets heading into a long weekend, and as the wait for q3 results nears its end. The
relative “underperformance” of Cebu Paficic's [CEB] listing, initially seen to drive liquidity back into equities, was an additional dampener.
IPO money has remained “locked-up” as subscribers to the issue wait for more decent margins. On the other hand, buyers, who refused the
issue at php125.00, have yet to find compelling reason to change their perspective in its market value.

In our recent reports, we have clued our readers into the impact the shift in value flow may have on specific industries. To wit: Industrial's
share in the value pie has consistently decreased to 32% (as of Friday) from a high of 40% in May. Alternatively, the share of Financials,
Holding Firms and Mining & Oil counters have expanded. This observation was clearly manifested after yesterday's trades with Bank
shares and Holding Firms posting the biggest moves, albeit in opposite directions.

The market is seen to continue consolidating between the 4,250-4,300 band moving into All-Saint's Day weekend. However, we remain
undaunted and keep a general buy and accumulate stance heading into the earnings season. We have not doubted that Financials will
remain at the forefront of a sustained optimism in the broad economy's full-year prospects. With positive sentiments going into the
Christmas season, consumers may be willing to spend more compared to prior years. This will be a boon to bank lending activities, as well
as manufacturing and retail industries. Telcos and energy counters provide stability. Property issues, particularly those with mall
operations and an retail businesses beyond leasing office spaces and sale and development of residential units, may likewise pose near-
term price upside.

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