Singapore shares likely to slide as record drop in US existing home sales for July aggravating already-jittery investor sentiment, says Dow Jones.

If STI, which closed down 0.1% at 2,922.85 yesterday, fails to hold above 2,900, next support tipped at 2,875 (lower end of breakup gap formed July 7).

“The opening will be weak but there might be some buying on dips as the day goes on. Shares here have been holding relatively well despite the slew of disappointing US economic data in recent weeks, so we might still be able to see some resilience,” says dealer at foreign brokerage.

Lower liners like Raffles Education (E6D.SG), Tiong Woon (T06.SG), China Minzhong Food (K2N.SG) may be in focus after reporting June-quarter results. On Tuesday, Raffles Education closed down 1.7% at $0.29, Tiong Woon down 1.2% at $0.40, China Minzhong down 1.6% at $1.27.