The STI moves into positive territory, +0.1% at 3252.97 at the midday break, as earlier profit taking peters out somewhat; Noble (N21.SG) and Olam (O32.SG) remain lower, hurt by Tuesday’s slump in commodities prices, but banks advance, with OCBC (O39.SG), UOB (U11.SG) and DBS (D05.SG) up between 0.3% and 1.4%, reflecting underlying optimism on plays leveraged to Singapore’s solid fundamentals. 

In the broader market, decliners beat advancers 1.6 to 1, with a fairly modest 997 million shares traded worth $984 million. UOB KayHian reiterates its positive stance on the market “as the STI remains above the support of 3219. While there are risks that the index may retrace and test this level again, we think any short term profit-taking is an opportunity for investors to load some positions.” 

 

Tips support at 3220 with next resistance at 3300. GLP (MC0.SG) is +0.9% at $2.16 on news of further portfolio expansion in China.