Mid Day Market Update

Singapore stock market bogged down by investor inertia as Wall Street's overnight fall crimps appetite, keeping players sidelined until firm catalysts emerge. STI down 1.2% at 3150.83 midday after drifting in tight 19-point band for entire morning. Immediate support tipped at 3140, followed by 3100. AmFraser Securities' Najeeb Jarhom says upside for STI in near term may be capped at 3200 as investors expected to take profits around that level after accumulating at 3100; "this pattern may continue throughout much of this holiday and soccer-filled month while waiting for another round of window-dressing at end-June." UEFA Euro 2008 kicks off June 7. Overall market volume thin, with only 566.7 million shares traded. FTSE ST All Share Index off 1.0% at 803.58