[Dow Jones] Singapore shares fail to make headway as investors remain sidelined amid lack of leads, with STI off just 0.04% at 2946.25 midday after drifting in tight 2940-2960 band in morning session; any further downside expected to be capped at 2900, with session high possibly capping gains. "The current bear trend may get some respite, even if it may be a brief one," says Kim Eng Securities, citing favorable technical indicators. But adds, any rebound in near term should be viewed as temporary technical counter trend rally, noting no reason to "paint a bullish picture" for time being; "for investors who failed to exit the market over the past few weeks, the market may now open up new opportunities to exit." Market volume remains anemic, with about 2 decliners for every gainer. Yangzijiang (BS6.SG) most active on SGX and top percentage decliner among STI stocks; off 2.4% at S$0.83 with 14.6 million shares traded, as margin erosion concerns due to high steel prices continue to weigh.
Any respite is likely to be a brief one, with the Dow Jones looking like it will head further south in the next couple of weeks.
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