The STI is off 0.3% at 3210.60, pulling back slightly after yesterday’s 1.2% rise, despite the positive lead from offshore. Decliners beat gainers 102 to 81, with 261 million shares traded worth $227 million. 

After yesterday’s rally, bouncing off the 3180 support area, Phillip Securities says prices “are in no-man’s land with one day of advance in the face of a several days of decline. In the short term, the 3220/25 region is the line in the sand. We want to see the market turn 3220/3225 from resistance into support for it to head higher.” 

 

It adds, a rejection off that level “will likely telegraph the STI heading lower. Directional visibility is not particularly high at this point in time.” 

 

Tips support at 3205 before 3180. Further resistance is at 3235 before 3250. Only six advancers in the STI, led by SIA Engineering (S59.SG), +1.7% at $4.25. New listing Malaysia Smelting Corp (NC9.SG) opens at $1.78 vs its IPO price of $1.75. Osim (O23.SG) falls 1.7% to $1.69 despite strong 4Q results.