Singapore shares edge up for second day on muted trading

SINGAPORE - The local stock market stacked up gains for a second straight day, helped again by blue chips gaining favour.

The Straits Times Index added 10.3 points or 0.3 per cent to 3,444.6.

Remisier Walter Wong said: "The gains have been driven by the big names so far, but the rest of the market was very quiet, probably because of the Chinese New Year period."

He added that fund managers are likely the driving force behind the STI's strength, as retail participation looks weak with a lack of interest in small and mid-cap stocks.

Losers outnumbered gainers by a count of 184 to 247 in the broader market.

Turnover was just $974.2 million with 1.1 billion shares traded.

"Singapore could also be taking the positive cue from the United States overnight, where better corporate earnings and developments drove markets higher," said Mr Wong

Asian bourses had a mixed day, with Shanghai rising 0.5 per cent, Seoul adding 0.5 per cent while Hong Kong lost 0.9 per cent.

Japanese markets were closed for a public holiday.