Stocks still waiting for Wall St direction

THE Straits Times Index drifted to a 2.5 point loss at 3,094.19 on Tuesday, extending a correction that began on Monday. The closure of Wall Street for President's Day - more accurately George Washington's birthday - on Monday meant the local market, like many around the world, spent most of Tuesday waiting for overseas inspiration.

The weakness in the index came after Hong Kong plunged in the afternoon session, the Hang Seng eventually closing 0.8 per cent weaker. The Dow futures gained about 30 points, suggesting a firm opening for Wall Street.

Turnover amounted to 2.9 billion units worth S$1.2 billion, which by 2017 standards was relatively subdued. Excluding warrants there were 202 rises versus 281 falls.