Singapore’s STI is off 0.1% at 3243.42, as early slight gains fade and the index continues its recent listless, rangebound trade. 277 million shares traded so far worth S$218 million, with market breadth evenly matched.

Phillip Securities says the STI “is so-so price action wise.” The house says Friday’s opening gap due to the property sector regulation was filled within the day (by banks, not so much by property) and “the daily charts do not look so clear.” 

 

It adds, after the STI ended last week within the previous week’s range, “this raises the importance of 3280 as an important level to watch.” The house tips resistance at 3270 (last week’s high), key support at 3220/3225; “price needs to hold up above 3220 for the intermediate term trend to remain positive.” 

 

There are 15 decliners on the STI, with SPH (T39.SG) off 0.5% at $3.96 after reporting a 10% on-year fall in revenue to S$318.7 million for 1Q, with net profit down 29.3% on-year.