STI index is off 0.7% at 3232.51, weighed by property and bank stocks on the government's new property curbs. PhillipCapital analyst Phua Ming-weii says while sentiment has been heavy, the STI still has very good technical support, which is likely to keep the trend broadly bullish in the short-term.

“The low for today was 3224 and there was pretty decent support around that region - we saw a good amount of buying coming off the day's low,” Phua says, noting this level has been a key support so far this month. He sees near-term resistance at 3250 and then 3257. A total of 1.25 billion shares changed hands worth S$2.06 billion and around 3.6 losers for each gainer. 

CityDev (C09.SG) is the worst STI performer, down 4.4% at S$12.18, followed by CapitaLand (C31.SG), down 3.4% at 3.71. Keppel Land (K17.SG) is off 3.3% at $4.72. Bank are also weaker with OCBC (O39.SG) down 1.7% at $10.12, UOB (U11.SG) down 0.9% $19.04, and DBS (D05.SG) down 0.9% at $14.68.