Singapore shares seesaw between positive and negative territory in early trade, though largely downward biased as investors digest market’s recent strong run, reported Dow Jones Newswires.

STI last down 0.4% at 2,908.23, with support tipped around 5-day moving average at psychologically important 2,900 mark. Broad market volume thin; market breadth slightly positive with gainers outpacing losers 1.4 to 1.

Blue chips mixed with yesterday’s best performers succumbing to profit-taking; CapitaLand (C31.SG) down 0.7% at $4.07, NOL (N03.SG) down 1% at $2.01. Commodity plays doing well though, supported by higher commodity prices; Olam (O32.SG) +1.9% at $2.64.

UOB KayHian’s Andrew Chow tips upside for STI over longer-term: “We remain selectively upbeat on the STI with a year-end 3,260 target; barring any sharp external pullbacks or shocks, we believe large-cap banking and property stocks will lead the way.”