STI rises 0.2% to 3,244.79 midday, rebounding after two sessions of declines, tracking modest rises in some regional markets; gains in property and bank stocks support. 905 million shares are traded worth $632 million. Fundamentally, Phillip Securities maintains its positive view on STI on earnings growth and mid-cycle P/E expansion; but technically, yesterday's opening gap and immediate gap fill was indicative of weakness.

The STI is trading between 3,258 and 3,225/3,220; “we note that these two levels are likely to serve as short term breakout levels. In the interim, there is a possibility of heading back towards 3,225/3,220.” It tips minor support at 3232 before 3220/3225.

Minor resistance at 3248 before 3,257/3,258 with heavier resistance at 3,270 and 3,280. Golden Agri (E5H.SG) most active, flat at $0.765; China Fibretech (F6D.SG) second most active, flat at $0.100, seeing increased interest after profit guidance yesterday. SGX (S68.SG) flat at $8.43, just announces it will introduce continuous all-day trading from March 1, so enjoy your lunch while you still can.