STI flat at 3181.02, on volume worth $1.2 billion; market broadly balanced with 1.1 gainer for every loser, likely to stick close to current level for rest of day; volume dwarfed by Monday’s $2.7 billion worth of shares when GLP (MC0.SG) listed; stock +3.2% at $2.24. 

DBS Vickers remains bullish on benchmark; “the time is ripe for the Singapore market to break above its trading band, from its average 12-month forward P/E cap of 14.75X to head for the 15.8X FY11 P/E level.” Points to STI objective of 3500; “This is not far off from the technical upside objective of 3438.” 

 

Adds, with 2H growth moderation a well known fact, liquidity inflows from QE to push up STI, narrow valuation gap with regional peers. After GLP, Berlian Laju Tanker (B66.SG) next most active, +10% at $0.055. Genting Singapore (G13.SG) +0.5% at $2.11, Golden Agri (E5H.SG) +1.5% at $0.68.