STI turns up, +0.2% at 3,150.92, though volume modest at 624 million shares worth $700 million, suggesting limited investor participation, with most analysts expecting market to remain lackluster heading towards year-end.

For next year, UBS expects earnings upgrade momentum to slow sharply, due to slowing growth, rising cost pressures, hawkish domestic policies: “Having said that, we believe valuations are supportive primarily because long-term Singapore dollar interest rates are likely to stay exceptionally low, as capital inflows chase the expected appreciation of the Singapore dollar.”