ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REPORT & OUTLOOK_November 10, 2010
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,266.45 -29.17 -0.68% 1.260B Php4.624B 43 97 41

REVIEW & OUTLOOK:

SHARE prices dropped for a third straight session as investors opted

to stay buy orders, preferring to liquidate still existent profits. The
Dow has failed to provide encouragement and most of Asia fell on
renewed concerns over Europe's debts and a weak dollar. Local
investors may still be reeling from disappointing results from the
major telecoms players last week.

The main index dropped right off the opening bell and, although
staging a mild recovery past mid-session, closed 29.17 points or
0.68% lower at 4,266.45. The broader market slipped by a wider
0.57% to 2,747.99.

Only the Service sector escaped the bearish mood, rising marginally
by 0.28%, led by slight recoveries in the share prices of PLDT (pse:
TEL, php2,414.00, +0.58%) and Globe Telecoms [pse: GLO,
php849.00, +1.43%)

Value turnover failed to return to the php5.0B level for a second

straight session, suggesting a slight dissipation in the selling
pressure. Raising concern however is the direction of foreign funds
which since Friday, stands at an accumulated net dispositions of
php1.005 billion.

Highlighting Tuesday's action was decliners rout of advancers, by

more than two-to-one. The spread between the two has widened by
-70 from Monday. More than half of the Main Index' component
issues register negative returns from their week-ago levels.

Decent results from Ayala utility and property units for the first nine-
months of the year may restore some confidence in the market, or at
least in the two issues. Manila Water Corporation [pse: MWC,
php18.84, -0.84%] reported a year-on-year 30% increase in its net
income for the January-to-September period. Ayala Land, Inc [pse:
ALI, php17.18, -0.92%] on the other hand showed a 35% expansion in
its bottom-line for the same period.

The index has already given up nearly half, 44% of its gains for the 4 th
quarter which topped at 4,397.30. However, in the context of the long-
term uptrend originating from March 2009, the recent three-day fall
accounts for a little less than 5% of the aggregated bull run. Using
both a jump-off points, initial support is pegged at 4,250, representing
a 50% retracement of the Q4 rise, while the major sits at 3,270-80, the
38.2% pullback on the primary, 20-month trend-line. Resistance is at
the 4,300-mark.

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.
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