Singapore shares just marginally lower by end of morning session, suggesting market undertone still firm, underpinned by city-state’s economic resilience, according to Dow Jones.

STI off 0.1% at 2,949.82 midday, with support at this week’s current low of 2,914. Decliners outnumber gainers by slight margin in broad market, with volume modest at 662.3 million shares worth $603 million.

“Technicals are telling us that the recent move in equities is a little overextended to the upside...telling us that the odds for a consolidation or pullback have increased,” says Phillip Securities. “A pullback in the STI would be healthy for now.”

Decliners among blue chips include NOL (N03.SG), off 2.0% at $2.00, SingTel (Z74.SG) off 1.0% at $3.12, ST Engineering (S63.SG) off 0.9% at $3.25.