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, September 16, 2010 Thursday
PSEI: 3,973.48, +5.19 pts., +0.13% ; Total Volume: 2.890B; Total Value: php6.418B Adv: 74 Dec: 64 Unch: 44

REVIEW & OUTLOOK

If we go by the directional flow of value turnover, the Mining & Oil and Service sectors
appear to be the focus of the moment. This is a logical expectation in light of the
substantial advances made by the other sectors, particularly the Industrials (led by energy
stocks), Holding Firms and most recently, Property and Financial counters. Alternatively,
the two earlier mentioned groups have lagged the market. In fact, the Service sector
returned positive on a year-to-date only last week, while Mining & Oil crossed the line after
yesterday's trades.

All sectors have established new highs for the year with the Main, Industrial, and Holding
Firms rewriting their highs since 2007. The Mining & Oil sector has likewise bettered its
2007 high but is still below its 2009 top by nearly 20%. Services is still about 23% short of
its 2007 peak.

Given yesterday's rather confined movements, our support and resistance lines are
unchanged at initially 3,873.50 and 4,100, respectively.

The Main Index inched up just enough to erase the previous day's losses with the
combined two-day candlestick suggesting some degree of developing indecision. The
index had breached the 4,000-line briefly last Tuesday.

Sectoral performances were mixed with erstwhile laggards Services and Mining & Oil
registering substantial advances of 1.24% and 2.56%, respectively. Property counters
which was the major market mover over the recent weeks, taking up the slack by
energy stocks, slid by the most, -1.46%.

Value turnover continues to rise, pushing the averages even higher. The distribution of
these funds have likewise become more “equitable” across all sectors. In yesterday's
trades, only the Mining & Oil group failed to reach php1.0 billion. It's share however has
increased to a-tenth of the total, from the previous session's 7.5% and the year-to-
date's average of between 5-6%.

CORPORATE EVENTS & DISCLOSURES

www.pse.com.ph

ROXAS & CO., INC. [pse: RCI, php0.95, last traded August 17, 2010)
The company announced that it recently broke ground to signal the start of the development of a six-hectare upscale resort community in Tagaytay
City. Known as the Anya Resort and Residences, the tropical-themed boutique is a partnership between its property unit ROXACO Land Corporation
and VJ Properties.

PHILIPPINE SAVINGS BANK [pse: PSB, php53.50, unch]

The Bank has received the BSP's approval of its 1.5% regular cash dividend for Q2-2010 amounting to php36.04M. This translates to php0.15 per share
with ex-dividend date on the 24th of September. Payment date is set for October 14, 2010.

PEPSI-COLA PRODUCTS PHILIPPINES, INC [pse: PIP, php2.83, -0.4%]

The Company has sought a voluntary trading suspension in relation to an important announcement today, September 16, 2010. The suspension will
take effect at 9:00am on even date and will be lifted, at the latest at the same time a day later.

VISTA LAND & LIFESCAPES, INC. [pse: VLL, php3.23, unch]

The Company's Board declares A php0.054 cash dividend per share which is equal to 20% of its Consolidated Net Income as of end December 2009.
Applicable ex-date is on September 27, 2010 with payment date on October 26, 2010.

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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