Singapore shares open tad higher, but fail to retain gains amid guarded investor sentiment. STI off 0.1% at 2,854.21 as of 10:40 a.m. vs 2,860.32 opening, high of 2,870.29. Index expected to hold above 2,800, with resistance at yesterday’s 2,899 intraday high.

“There is still a small chance that the uptrend is not over, but we need prices to close above the 2950 levels,” says CIMB; house more convinced of downside in near term; “we do not think it can take out (the) 50-day simple moving average at 2,915.

Expect even lower prices going forward, with the next stop possibly at 2,775 (last week’s low).” Market breadth at 2 gainers for each decliner. Key decliners among STI components include Jardine C&C (C07.SG), off 2.4% at $29.58, CapitaLand (C31.SG), off 1.1% at $3.66, Wilmar (F34.SG), off 1.1% at $6.47.