The STI is +0.1% at 3224.04 midday, off its early 3208 low, helped by gains in NOL (N03.SG), which is +3.7% at $2.26 after a string of recent declines, and Keppel Corp. (BN4.SG), +3.0% at $12.28, still riding the positive reaction to 4Q results Tuesday.

Volume is modest at 874 million shares worth $817 million, with decliners and gainers evenly matched in the broad market. 

“I’m not too worried for now. The region looks strong and U.S. markets have reached new highs, but over the medium term, I’m waiting for a correction in the U.S., maybe in February, as the U.S. looks pretty stretched. But near term, the market should be okay,” says Gabriel Gan, senior vice president of Equity Sales at AmFraser. 

 

ew listing Malaysia Smelting (NC9.SG) trades at $1.80, +2.9% from its $1.75 IPO price. Analysts say the STI’s current level is around peaks in October and December and could be a watershed level, with a close above here possibly signalling further upside. 3200 may offer support.