STI turns negative, down 0.7% midday at 3,140.01; broad reversal with 1.8 decliners/gainer (gainers outnumbered decliners 3 to 1 earlier). While trading range slightly larger than in recent sessions, consolidation theme still holds, says Dow Jones.

“The market’s consolidating pretty well, it’s definitely not as overbought as two weeks ago, so that’s a pretty good sign,” says Gabriel Gan, Senior VP, Equity Sales at AmFraser.

Gan adds: “It’s going to be a quiet week overall, next week there’s quite a number of announcements, from the US Fed to mid-term elections, so that’s why everybody is standing pat.”

Blue chips mostly lower, with DBS (D05.SG) down 2.4% at $14.06, SembCorp Marine (S51.SG) off 2.1% at $4.61; SGX (S68.SG) one of 3 positive STI stocks, +1.8% at $8.88.

Debutante XinRen Aluminum (MN5.SG) at $0.645 vs $0.550 IPO, with 252 million shares traded.

3,130 intraday low may hold as support.