Singapore’s STI is flat at 3,221.64 in afternoon trade, with volumes light at 846.1 million shares worth $749 million, as investors stay sidelined heading into the Lunar New Year holidays.

Analysts expect near-term resistance at 3,235 but the index has been stalling around the 3,220-3,225 area over the past few sessions. 

Despite the potential for a near-term pullback, CIMB remains Overweight on the STI, “which has held up well amid recent sell-downs in Indonesia, the Philippines, and Thailand.” 

 

It tips an end-2011 target for STI at 3,650, which translates to 11% upside. Genting Singapore (G13.SG) is among the biggest STI losers, falling 1.5% to $2.02; China Fishery (B0Z.SG) climbs 1.8% to $2.26, after getting approval from the SGX for a proposed Hong Kong dual-listing.