STI is down 0.8% at 3230.80 and continues to be weighed by declines in property and banking stocks as investors sell after the government's measures to cool the property market. 

“While technical indicators remain positive, we note that market fundamentals such as the new cooling measures on the property sector could throw the spanner in the works. We continue to reiterate the 3200 support as a key level to watch out for with resistance at 3300,” says UOB KayHian in a note. 

A total of 1.08 billion shares changed hands worth $1.01 billion with around four losers to one gainer. CityDev (C09.SG) shows the biggest decline, down 4.4% at $12.18, followed by CapitaLand (C31.SG) down 3.4% at 3.71 and Keppel Land (K17.SG) down 3.3% at $4.72. On the banks side, OCBC (O39.SG) leads, falling 1.7% to $10.12, UOB (U11.SG) slides 1.1% to $19.00, and DBS (D05.SG) slips 0.8% to $14.70.