Singapore stocks hold steady on Tuesday despite weakness across Asia markets

THE Straits Times Index (STI) closed largely flat on Tuesday (Dec 14), despite weakness across key Asian markets ahead of meetings by the US Federal Reserve and other central banks.

Singapore's benchmark index edged up 0.04 per cent or 1.14 points to 3,121.09 points,

In the wider Singapore market, losers outnumbered gainers 268 to 176 with 1.15 billion shares worth S$819.5 million changing hands.

Japan's Nikkei Index closed 0.7 per cent lower at 28,432.64, South Korea's Kospi Index closed down 0.5 per cent at 2,987.95, Hong Kong's Hang Seng Index was down 1.3 per cent to 23,635.95 and the FTSE Bursa Malaysia KLCI shed 0.9 per cent to 1,480.92.

However, analysts warned that the outlook for the Singapore market is still not rosy, amid the spread of the Omicron coronavirus variant that has dented risk appetite globally.

"Despite some upside moves from the STI at the start of the month, the latest Singapore Exchange (SGX) fund flow data continues to reveal overall net outflows from institutional investors for the third straight week. This suggests the ongoing paring of positions from financial institutions, and may bring longer-term upside into question for now," said IG market strategist Yeap Jun Rong.

The top performer in Singapore's blue-chip index was CapitaLand Investment 9CI , which gained 1.5 per cent or S$0.05 to close at S$3.45 on Tuesday.

At the bottom of the table was Dairy Farm International Holdings D01 , which fell 2 per cent or US$0.06 to US$2.89.

The most heavily traded counter among the index constituents was Singapore Telecommunications (Singtel) Z74 , which closed flat at S$2.42 after 22.3 million shares changed hands.

In the wider market, digital security firm Disa Limited 532 was the most heavily traded counter for the second straight day this week, with 125.2 million shares traded. The counter closed 20 per cent or S$0.001 lower at S$0.004.

The trio of local lenders closed mostly higher. UOB U11 gained 0.3 per cent or S$0.09 to S$26.64; and OCBC O39 edged up 0.2 per cent or S$0.02 to S$11.32; while DBS D05 closed flat at S$31.84.