SINGAPORE - Local shares finished the trading day largely unchanged as investors cautiously sought out opportunities in the market, with a close watch on developments relating to the US debt ceiling matter, as well as the likely effects of the impending deal.
The Straits Times Index (STI) fell 0.2 per cent or 7.66 points to close on Tuesday at 3,187.56. Decliners narrowly outpaced advancers 266 to 256, after 1.2 billion securities worth about $812 million changed hands.
IG market analyst Yeap Jun Rong noted on Tuesday morning that the STI appears to be trading on a “bearish flag formation”. He said that fund flow data from the Singapore Exchange revealed “muted net institutional inflows” of $29 million last week compared with net outflows of about $2.1 billion since Feb 13.
“(The) sharp paring of exposure to the financial sector is a main contributing factor, with the local banks forming a series of lower highs and lower lows since February this year as a reflection of a downward trend,” he said.
iFast was the top advancer on Tuesday, rising 3.4 per cent to close at $4.51.
Electric vehicle player Nio was another top gainer, adding 1.6 per cent to US$7.81. It was recently reported that the company had invested in a start-up firm that is developing fusion technologies, and that it was also planning to expand further in Europe.
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