The STI is flat at 3,262.07 at 9:48 a.m., off its opening 3,270 high but largely shrugging off bearish leads from US markets, as Friday’s 0.6% loss for the STI appears to have already priced in worries over the health of the US recovery, while confidence in local companies’ earnings growth remains.

Phillip Securities says Friday’s US payrolls print was “not a sterling result but we think not terrible for equities either...we remain positive for stocks for the year.” It keeps the STI target at 3,650. It adds, Friday showed signs of buying off 3,250/3,255 support, while the general upward trajectory remains, despite the lower close.

It says a push above 3,280 could spur buying back towards 3,300 and tips support at 3,243/3,239, resistance at 3,280 before 3,300 and 3,313.

Just over 2 gainers per decliner in the broad market, with 492 million shares traded; around half of STI components are in the green. Hu An Cable (KI3.SG) jumps 5.3% to $0.395 after saying it’s poised to benefit from China’s plans to invest heavily in upgrading rural power grids.