STI down 0.05% or 1.50 points at 2,986.32 by midday

The Singapore market edged up from intra-day lows, but wasstill in the red by midday, with oil rig builders such as Keppel Corp figuring among gainers.

The benchmark Straits Times Index was down 0.05% or 1.50 points at 2,986.32, rebounding from an intraday low of 2,969.36. Most Asian markets also traded lower.

“Some industries are performing better today, like the oil and gas names including Keppel, due to positive expectations on the recent contract wins,” said Ng Kian Teck, lead analyst at SIAS Research.

Keppel rose 0.5%, while smaller rig builder Sembcorp Marine gained 0.6%. Keppel hit an 11-month high on Friday and advanced as much as 3.6% after winning a contract to build five rigs for Sete Brasil in a deal worth US$4.12 billion ($5.16 billion).