Singapore’s STI rises 0.1% to 3208.47 after a weaker open, with bearish regional cues tussling with a resilient Wall Street session Thursday and also on some buying back after yesterday’s 1.1% drop.

STI components are evenly mixed, with declines in banks and gains in property names. The broad market is also evenly matched, with 244 million shares traded worth $196 million. 

 

After overnight losses for crude oil and copper, Phillip Securities says the commodity market “is suggesting risk-off at this point” and that it might be “further evidence of unwinding of emerging market positions and going long U.S. equities again.” 

 

For the STI, it says short-term RSI conditions are currently oversold due to yesterday’s sharp sell down; it also says minor resistance is at 3213 before 3220, a rejection of which “would be very bearish.”

 

Support at 3190/3185 then 3170. ST Engineering (S63.SG) climbs 1.5% to $3.34 on contract news and Mapletree Logistics Trust (M44U.SG) rises 1.0% to $0.99 post-4Q results.