Singapore blue chips open tad lower on light profit-taking after STI’s 1.1% gain yesterday, but buying interest generally intact as market breadth at 2 gainers for every decliner, says Dow Jones.

Index last off 0.1% at 3,032.11, expected to hold above 3,000, with immediate resistance at year-to-date intraday high of 3,043 set last month.

“Visibility is low beyond the year high,” says Phillip Securities analyst Phua Ming-Weii; “markets on the whole perceive the US and China to be the driving engines of the global economy and take their cues from them. We will have to see how the market prices in (their) economic data in the coming months.”

Lower liners most active in market, including Genting Hong Kong (S21.SG), off 1.1% at US$0.435 ($0.586), Lexicon Group (5KX.SG), flat at $0.015. Among STI components, notable decliners include Olam (O32.SG), off 1.1% at $2.73, Starhub (CC3.SG), off 1.6% at $2.45.

The following companies may have unusual price changes in Singapore trading today. Stock prices are from the previous close. Singapore’s Straits Times Index gained 1.1% to 3,034.58.

CapitaMalls Asia (CMA SP): The shopping mall operator said it and parent CapitaLand(CAPL SP) won a tender for a site in the eastern Singapore town of Bedok. The partners will pay the government $788.9 million for the property, which will be developed into a residential and retail complex. CapitaMalls was unchanged at $2.21. CapitaLand rose 1% to $3.98.

Cheung Woh Technologies (CWM SP): The Singapore-based supplier of components for hard disk drives said it is investing $10 million to buy new production equipment needed to meet customer demand. Cheung Woh slipped 1.6% to 30 cents.

Marco Polo Marine (MPM SP): The shipping and shipbuilding company said it won a contract, valued at $4 million, to transport coal in Indonesia. Its shares gained 2.4% to 42.5 cents.

Singapore Exchange (SGX SP): The operator of the city’s securities and derivatives exchange said Chew Choon Seng will become chairman on Jan. 1, replacing J.Y. Pillay, who retires at the end of the year. Singapore Exchange increased 1.6% to $7.72.

United Envirotech (UENV SP): The environmental engineering company said its application to list depositary receipts on Taiwan Stock Exchange has been approved. The stock rose 2.5% to 41 cents.

With no leads from Wall Street overnight as US markets shut for Labor Day holiday, early trading in Singapore shares may be lighter than usual, with players expected to take cues from other Asian bourses as session progresses, says Dow Jones.

After closing at highest level this year yesterday, +1.1% at 3,034.58, STI may open tad lower on profit-taking, though more upside still possible in near term. Support at 3,000, resistance at 3,085 (lower end of breakdown gap formed June 9, 2008).

“If economic data continues to be positive, or at least not negative, in the three major blocs (US, Europe and China), we may look forward to a fairly good September,” says DMG research head Terence Wong. With corporate newsflow thin, trading interest may continue to center on recent market favourite Genting Hong Kong (S21.SG), penny stocks.

Genting HK ends +4.8% at US$0.44 ($0.59) as players hopeful of prospects given its 50% Resorts World Manila stake.