Singapore shares barely ruffled by pullback on Wall Street, with STI +0.2% at 3,121.04, says Dow Jones.

Resistance expected at 3,146, higher end of breakdown gap formed in June 2008.

“The Singapore economy is simply not so exposed to what happens in the G-3 (U.S., EU, Japan) any more,” says Phillip Securities strategist Joshua Tan.

Notes G-3 markets account for only a third of Singapore’s non-oil domestic exports, “with two-thirds of the world firing away, it’s hard not to have a positive secular outlook. We are likely to see funds hedge against a slow G-3 by buying Asia, and among that, overweighting the STI.”

Among large caps, CapitaMall Trust (C38U.SG) +2.0% at $2.06, SembMarine (S51.SG) +1.3% at $3.95. Small caps actively traded, with Thai Beverage (Y92.SG), flat at $0.285, Informatics (I03.SG), +2.9% at $0.18, Top Global (519.SG) flat at $0.01.