Singapore’s STI is down 0.4% at 3192.60, with selling in banks, commodity plays and rig builders weighing on the index as caution prevails after yesterday’s sharp fall. Volume falls from yesterday, and is at 1.01 billion shares so far.

DBS Vickers strategist Yeo Kee Yan says “earnings season has a history of being choppy. Back in December I highlighted that the market should start to rise, but that profit-taking might kick in by mid-January, which is actually what’s happening now. Ultimately I believe that corporate earnings will support the market for blue chips, so downside will be limited in the near term.” 

Below 3200, he tips support at 3165. He adds, other than profit-taking, traders may also be paring down holdings ahead of the Lunar New Year holiday (Feb. 3). Noble (N21.SG) is down 1.3% at $2.24, OCBC (O39.SG) is off 0.6% at $9.94, Golden Agri (E5H.Sg) is down 2.0% at $0.725, and Keppel (BN4.SG) is down 1.7% at $11.30.