Investors stick to sidelines after cashing out of Singapore shares in early trade, as sentiment weighed down by pullback across Asian markets. The STI briefly fell below 3,000 at one point (off 0.6% at 2,999.67) but settles down 0.5% at 3,001.49 midday. If 3,000 gives way in afternoon trade, next support expected at this week’s low of 2,953.

“On a brighter note, the market volume is not huge, suggesting people are not dumping stocks but just lightening their positions. I believe the underlying tone is still positive, supported by a stronger economic outlook,” says a trader at a local brokerage.

Overall volume at 1.06 billion shares. Market breadth at 2.5 decliners for every gainer. Penny stocks worst performers, with FTSE ST Catalist Index down 3.2%. Among STI components, key decliners include UOB (U11.SG), off 2.5% at $20.36, CapitaLand (C31.SG), off 1.9% at $4.08, Noble Group (N21.SG), off 3.1% at $3.11. New listing Tiong Seng (K2P.SG) at $0.275 vs $0.28 IPO price.