Singapore stocks still under water but losses minimal. STI off 0.3% at 2,943.53, likely to close above this week’s current low of 2,914, according to Dow Jones.

Market breadth at almost two decliners for each gainer. “External issues will continue to dictate near-term market trends. Uncertainties over the euro and concerns over global economic growth could dampen risk appetite,” says UOB KayHian, “nevertheless, we see opportunities to cherry-pick quality stocks with specific share price catalysts.”

UOB KayHian cites banks, office landlords, most telcos as favourites. Overall volume light, driven mostly by small caps such as Z-Obee (D5N.SG), off 2.3% at $0.42, Asia Food & Properties (A26.SG), +1.7% at $0.60, Bund Centre Investment (LJ1.SG), +1.7% at $0.61, United Fiber System (P30.SG) +11.1% at $0.05.