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, for Wednesday, September 1, 2010
PSEI: 3,566.23, +7.59 pts, +0.21%; Value of Trades: n/a ; Adv: 70 Dec: 60 Unch: 38

REVIEW & OUTLOOK

COMING off an extended weekend, investors refused to buckle under the pressure of
the Dow's 140 points slide overnight, sending local stocks mildly higher by 8.56
points to 3,566.23. (The PSE website's Market, which we have had difficulty accessing
through the weekend, through the Market Information link, puts the change at +7.47
points which would translate Friday's close to 3,558.76, not 3,558.27 as reported in the
daily quotations report.)

US investors have remained pessimistic even in light of a relative balance of positive

and negative numbers. Consumer spending picked up, with purchases rising 0.4%
on the back of a 0.2% increase in incomes. The savings rate dropped, however, as
disposable income, what is left of the paycheck after taxes, slid. While this has
pushed the “double-dip recession” argument one row back in the table of concerns,
the jobs market outlook remains the biggest hurdle for a sustained push.

The Nikkei 225 dug in deeper into the bear hole, losing over 3% as of noon Tuesday.
The measure is now on its fourth session under the 9,000-mark, a level it last traded
under in May 1, 2009, virtually erasing all gains over the last 16-months. It likewise
extends to a 14th session its sustained trading under the bear line of 9,450. (This
level marks the 20% retreat off the year's highest close of 11,339.30, April 5, 2010.)
Although analysts do not see the Japanese economy, which was recently overtaken
by China as the 2nd largest in the world, will recede, growth pace is seen to markedly
slow to almost a lull.
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-100

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-400 PSEI rises from 3,102.59 to 3,566.23

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-800

The market's technical indicators are pretty stable with Tuesday's month-closing action making minimal changes. The PSEI uptrend remains
valid, thus further intensifying the “correction-watch”. The biggest, extended decline in the index was a five-session, 161.06 points (-4.82%) slump
from the May 21 high of 3,340.42 to and interim low of 3,179.26. This marked the index third unsuccessful attempt to make a sustained break off
the the 3,330 resistance line. That retreat erased 30% of the 542.81 points (19.4%) aggregated advance from the year's lowest close of 2,797.61
(February 9). Since then the market has added 218.25 points (6.53%.) with the biggest declines at -2.8% (May 25), -2.7% (June 7) and -2.3%
(August 24.) Roughly half of the latter's drop was contributed by a last-second sell down of ALI shares to php14.00, as well as coming off the
year's highest closing level yet at 3,613.37.

DISCLOSURES: (Monday, August 31, 2010)

Access to the PSE website remains erratic at this time (1340H). Only seven (7) disclosures have been uploaded, namely: CIP's and LMG's new schedule
for their Annual Stockholders meeting [moved to September 27]; PAL's clarification of its reported php4B fresh capital raising; APX's Trust Agreement
with Teresa Crew Gold Philippines, Mapula Creek Gold Corporation and RCB; Changes in the Beneficial Ownership of Securities of the MJC; Initial
Statement of Beneficial Ownership of Securities in BC; and IRC's Definitive Information Statement for its Annual Stockholders' Meeting on September
23, 2010, with Record Date on July 30, 2010. We cannot provide the salient points of these disclosures as we are unable to open the uploaded files.

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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