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 19, 2010
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,120.62 51.31 1.26% 1.391b Php5.554b 62 65 49

DAILY WRAP:
GLOBAL markets rallied Thursday, snapping losses that has erased
nearly $2 trillion from equity values. An early resolution of Ireland's
dilemma, after its finance minister indicated it is prepared to accept
aid from the European Union and the IMF, stemmed pessimism
which had grown over the last two weeks.

The Philippine Stock Exchange Index gained 51.31 points to 4,120.62

or 1.26%, the second best among the ASEAN 6 markets, as investors
selectively picked up bargains, as the market kept within a four-day
old, 90-point trading band following a six-day, -7.3% slump.

Holding Firms led the all-sector surge, rising 2.88% and cornering
the second biggest share of the day's value pie which reached
php5.554 billion. Alliance Global Group, Inc [pse: AGI, php11.56,
+5.5%] regained its footing, topping the most active list. More than
half of the sector's value was accounted for by the counter. Only the
Mining and Oil sector moved in a contrary direction, giving up 0.77%.

Decliners, however, edged advancers, 65-62, suggesting a residual

pessimism giving rise to some hesitation by investors to re-enter
equities headlong.

Asian markets were in the green while European bourses tracked a

similar path.

OUTLOOK:

A SEMBLANCE of confidence may have returned to the market

Thursday, but whether this will be sufficient to sustain the index above
the 4,100-line remains suspect as we enter into week-ending trades.

There were no surprises at the domestic front with the Monetary

Board's deciding to keep policy rates steady at 4.0% and 6.0%
overnight borrowing and lending, respectively. The last time the MB
touched the rates was in July 2009. The Bank continues to hold an
optimistic view for the economy, particularly with inflation
consistently within the target band of 3.5% to 5.5% and even the 3.0%
to 5.% goal for the next two ensuing years. Note however that real
rates of return, using the yield on 364-day T-Bills, has risen to nearly
1.0% from a mere 0.2% as at the end of December 2009.

Furthermore, while the tame inflation figure is generally viewed with

optimism, as it eases pressures off interest rates that may threaten
growth, the other side of the argument presents that demand has

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 REPORT & OUTLOOK_November 19, 2010
PSE Index Pts Change % Change Total Volume Total Value Advancers Decliners Unchanged
4,120.62 51.31 1.26% 1.391b Php5.554b 62 65 49

been slow to pick up, with price pressures coming in mostly from the supply side (e.g. fuel costs.) A sustained slack in demand will not
provide enough motivation for Companies to aggressively build up inventories or rev up capacities. At best, the low inflation rate regime
allows firms to front-load their capital requirements or clean up balance sheets by restructuring loans acquired at higher costs.

From a technical viewpoint, the alternating ups and downs this week fails to reverse the negative bias shown by the Advance-Decline line.
It is in fact, in its lowest level in the 10-or-so days of trades. These condition may present a drag on any rally and challenge the sustained
close above 4,100. There were no siginificant shifts in the market's technical condition from Wednesday.

Resistance is at 4,170-4,200 while initial support remains pegged at the 4,050-70 range. Major support is at 3,970.

Additional Notes:

Past midday, the Dow is up 173 points riding on the back of better-than-forecast results in initial jobless claims and manufacturing data.
The market is likewise discounting recent developments in Europe's continuing struggle with its member-nations' debt burdens. If this
trend continues through the final bell, local investors may find enough motivation for a possible quick-term profit, enabling the market
to test the 4,200-mark. Otherwise, the figures mentioned earlier on market ranges hold.

SELECTED TECHNICAL MEASURES:

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