SINGAPORE – The ongoing rally on Wall Street failed to instil much fire in the belly of local investors, who struggled to send the market higher on Dec 13.

The lacklustre session left the benchmark Straits Times Index (STI) ahead by just 0.1 per cent or 1.95 points at 3,104.26, with losers outnumbering gainers 282 to 244 on trade of one billion shares worth $772.9 million.

Key regional markets were mixed despite Wall Street heading north yet again on positive inflation data that is keeping hopes alive for an economic soft landing.

The three indexes – Dow Jones, S&P 500 and Nasdaq – rose by between 0.5 per cent and 0.7 per cent to close at new 52-week highs for a third session in a row.

Meanwhile, in the region, Hong Kong’s Hang Seng Index fell 0.9 per cent and South Korea’s Kospi slid 1 per cent. However, Japan’s Nikkei 225 ended up 0.3 per cent and the Bursa Malaysia advanced 0.1 per cent. Australian stocks added 0.3 per cent, thanks to iron ore, health and banking shares.

Emperador led STI gains in percentage terms, rising 1 per cent to 52 cents, with telco Singtel the second-highest gainer, up 0.8 per cent to $2.38. Shipbuilder Seatrium was in the STI’s basement, losing 2.8 per cent to 10.5 cents.

The local banks climbed: UOB gained 0.3 per cent to $27.77; OCBC Bank inched up 0.1 per cent to $12.51; and DBS Bank rose 0.8 per cent to $31.82.

Saxo market strategist Charu Chanana said the United States consumer price index was a “mixed bag”, as headline and core numbers rose month on month but the headline year-on-year figure came down. Core year-on-year data was unchanged.

“Long-run trends continue to suggest that the disinflation momentum is extending,” said Ms Chanana. “Meanwhile, with oil prices near their recent floor of sub-US$70 per barrel... there will be little reason for the Federal Reserve to panic about anything seen in the latest inflation report.” THE BUSINESS TIMES