Singapore shares fell slightly by midday on Tuesday, pulling back from a two-year high reached a day earlier, but are seen to have near-term support above the 3,000-point level.

By the lunch break, the Straits Times Index (STI) <.FTSTI> was 0.3% or 8.95 points lower at 3,148.50.

“It’s mostly because the US market came down overnight. One of the key STI stocks that came down was Olam. People are starting to take a bit of profit after they have seen gains in the last few days,” said Carmen Lee, head of OCBC Investment Research.

Lee added she sees near-term support for the STI to be above the 3,000-point level. She said the upside was likely to be capped around 3,200 points as stocks are looking fully valued.

Shares of Singapore commodity firm Olam International (OLAM.SI) fell as much as 4.8% on profit-taking and as investors awaited more news on the firm’s merger talk with Louis Dreyfus.

At midday, Olam was trading at $3.18 on a volume of 5.5 million shares.

Shares of Singapore construction firm Yongnam Holdings (YNAM.SI) rose as much as 19% after two brokerages announced positive ratings on the stock, helping to boost other construction stocks.

At midday, Yongnam shares were trading at $0.31 on a volume of 118 million shares. 

Chip Eng Seng (CESE.SI) was up 2.6% at $0.40 on a volume of 5.9 million shares, whileCSC Holdings (CSCH.SI) rose 6.1% at $0.175 with 15.7 million shares changing hands.