The STI is +0.2% at 3,153.87 midday after yesterday’s 0.9% loss, with rig-builders, banks and some commodities plays leading gains.

Volume is thin with 517 million shares worth $595 million traded, while market breadth is slightly negative.

Trader at a local house says yesterday’s selling was not down to any change in fundamentals; “it looked a little bit funny to me, as a lot of the blue chip counters and heavyweights were sold down at the open, so I suspect that it might have been program-related,” he says.

Genting Singapore (G13.SG), down 1.4% at $2.10 and Golden Agri-Resources (E5H.SG), +0.7% at $0.775, are among top 3 most actives, along with Xinren Aluminium (MN5.SG), which is +6.6% at $0.485, hitting its highest level since November 11.

The STI’s direction is likely dependent upon breakout from recent 3,118-3,218 range, which is unlikely to happen today.