Local investors struggled to find any traction in the market yesterday, although the dramatic plunge in the exchange's own share price focused minds.
Singapore Exchange was by far the worst performer of the Straits Times Index (STI), tumbling 11.6 per cent to end the day at $8.75 on trade of 15.3 million.
The plunge came amid news suggesting that its arch rival in Hong Kong could be muscling into its lucrative derivatives business.
That helped send the STI down 10.82 points, or 0.43 per cent, to 2,519.48. There were 1.5 billion shares done worth $1.41 billion, with losers pipping gainers 208 to 196.
It was not all grim. Singapore Airlines was the STI's best performer, with a late surge to close at $3.76, up 4.4 per cent. Investors were cheered by news of China's civil aviation authority continuing to ease restrictions on flights.
A clutch of Covid-19 beneficiaries among the exchange's smaller stocks continued to draw attention.
Glove maker Riverstone hit a new 52-week high for the second day running, up 2.4 per cent to $2.18.
Personal protective equipment maker Medtecs International also reached a new 52-week high, closing up 23.7 per cent to 23.5 cents. It reported a 15-fold jump in first-quarter net profit to US$3.7 million (S$5.2 million) on a 138 per cent rise in revenue to US$39.8 million.
The low-key performance here was mirrored across the region following a lively overnight Wall Street session that saw the S&P 500 climb above the 3,000 mark before slipping back down.
The S&P 500 closed at 2,991.77, up 36.32 points or 1.23 per cent, and is now just 8 per cent below where it was at the beginning of the year.
Asian markets were mixed. Japan's Nikkei index rose 0.7 per cent on expectations that the country's second supplementary budget would shore up the economy.
Hong Kong's Hang Seng ended 0.36 per cent lower as traders fretted over protests in the city. China's benchmark Shanghai Composite Index slipped 0.34 per cent, while the Shenzhen second exchange shed 0.86 per cent.
South Korea's Kospi was flat as investors waited for the Bank of Korea's policy meeting today, where it is expected to cut its base rate to another record low, reported Reuters.
Malaysian shares added 1.04 per cent, while Vietnam was named Asia's top stock market performer this month, with its key index rallying 13 per cent, said Bloomberg. The Ho Chi Minh Stock Index fell 1.34 per cent yesterday.
