THE Straits Times Index (STI) drifted within a narrow band for most of Thursday's session before finishing with a 5.26-point loss at 2,940.48. Turnover amounted to 966 million units worth S$1.05 billion which was lower than the previous S$1.2 billion, and excluding warrants there were 215 rises versus 209 falls throughout the market.
Market observers said the index, having jumped more than 7 per cent since the UK voted to leave the European Union on June 23, is now at a crossroads of sorts and likely to "consolidate" given that bond yields are at all-time lows versus US stocks at all-time highs.
Wall Street ended Wednesday with the seventh all-time high for the Dow Jones Industrial Average and the sixth for the S&P 500 in eight sessions, performances largely attributed to hopes of better-than-expected earnings but more likely because the US Federal Reserve has signalled it will keep interest rates depressed for longer than previously thought.
There are also worries that the post-Brexit bounce in equities globally has come largely because central banks had promised liquidity support and not because of improved fundamentals.
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