STI +1.1% On NY Times Bailout Report; 2950 Cap

[Dow Jones] STI turns higher on New York Times report that Bush administration evaluating plan that could see U.S. government take over Fannie Mae (FNM), Freddie Mac (FRE) or both. STI +1.1% at 2932.11 at midday break vs 2889.66 intraday low; resistance tipped near this week's intraday high at 2950. "That's giving us some comfort," says dealer at local house. Bank heavyweights lead gains, supporting index; DBS (D05.SG) +1.9% at S$19.04, OCBC (O39.SG) +2.5% at S$8.20. Broad market volume remains thin but gainers now outnumber losers nearly 2 to 1.