Singapore Exchange (S68.SG) +1.1% at $7.42 in thin trade, mirroring gains in broad market, according to Dow Jones.

Upside appears limited as general investor appetite small. Average daily securities turnover in June merely $1.18 billion on volume of 1.03 billion shares vs $1.76 billion in May on 1.48 billion shares.

Performance so far in July remains sluggish, with volume below 1 billion shares most days. Still, some analysts hopeful of better longer-term prospects.

“We believe SGX is close to launching a blockbuster product: the ADR (American Depository Receipts),” says Daiwa, which has Outperform call with $8.94 target; expects introduction of ADR trading in Singapore to add $557 million to average daily turnover.

“We believe newsflow on Asia-based companies normally would be released during trading hours in Asia, and Singapore has a critical mass of fund management professionals that will follow Asian equities in the region.”

Resistance at $7.49 (July 5 high).