Singapore’s STI is flat at 3220.58 midday, in low volume of 675 million shares worth $582 million, reflecting a lack of conviction in the market over its near term direction, while trading activity slows ahead of next week’s Lunar New Year holiday. 

“We reiterate our neutral technical call as the STI ended flat yesterday, on key resistance of 3218. Moving averages and MACD are also not providing any clear bullish indication, a sign that traders are unwilling to place large bets in this market,” says UOB KayHian. 

It tips support at 3118. Genting Singapore (G13.SG) is the most active stock, down 1.9% at $2.02, in its 7th straight session of declines, the biggest faller on the STI; SembCorp Industries (U96.SG) rises 1.0% to $5.29, UOB (U11.SG), DBS (D05.SG) and OCBC (O39.SG) are flat-to-0.5% higher, while telcos Singtel (Z74.SG), StarHub (CC3.SG) and M1 (B2F.SG) are up 0.4%-0.6%.