STI +0.5%; Recovers Poise After China Data Dip

Singapore's STI rises 0.5% to 3170.53 midday, regaining its poise after dipping to an intraday low of 3159 shortly after a slew of Chinese economic data at 0200 GMT. "The Singapore market didn't take too kindly to China's numbers which was a bit strange, growth didn't tank and we can certainly say, if we take the data together with the trade numbers that came out yesterday, it still shows fairly robust external demand," says CIMB economist Song Seng Wun. He adds, price front is still an area of concern, though in the domestic economy, the authorities are having some success in applying a little bit of a brake to slow down growth momentum. He adds, "the bottom-line here is the economy is still expanding and the dragon is still breathing." Market volume picks up to 620 million shares worth S$698 million, with gainers/decliners almost even now. Genting Singapore (G13.SG) is the most active, up 0.5% at S$2.19. STI resistance is pegged at 3180.