The STI is flat at 3,148.20 in anaemic volume of 692 million shares worth $894 million, as a lack of global and domestic catalysts, combined with the fact that most participants are winding down for the festive season, means trade remains rangebound and largely directionless.

There are 189 gainers roughly matched by 161 decliners. If the benchmark index closes around its current level, it will bring the week’s declines to around 1.2%, though chart watchers may take some heart from the fact that the much-talked-about head & shoulders pattern, which many say would be completed below 3,118 and would signal a reversal of 2H10’s uptrend, has not yet been completed.

DBS Vickers says its STI upside forecast of 3,438 by 1Q11 remains intact despite the index dipping below 3,155 Thursday.

OCBC (O39.SG), DBS (D05.SG), and UOB (U11.SG) are all higher, between 0.1%-2.1%, while rigbuilders are also up with SembCorp Marine (S51.SG) up 0.8% at $4.99.