Singapore shares sluggish as investors mostly sidelined, with weak US July housing data stoking concerns over state of world’s largest economy, according to Dow Jones.
STI confined to tight 2,910-2,926 band whole morning before settling down 0.1% at 2919.69 midday; expected to hold above 2,900.
“With the Dow looking to retest the 10,000 support level, there’s no conviction to go long,” says a dealer at Singapore bank, “In the absence of actions from the buy side and from derivatives and option traders, the market is basically at the mercy of those who are trading arbitrage on the STI.”