Singapore's benchmark Straits Times Index (STI) climbed 0.78 point or 0.03 per cent to 2,859.68 yesterday, on what some market commentators have called a "lacklustre" trading day.

Some 1.49 billion securities worth $1.26 billion changed hands, with losers outnumbering gainers 247 to 206.

IG senior market strategist Pan Jingyi said that despite Monday's release of better-than-expected gross domestic product (GDP) figures for the fourth quarter, investors are likely still hunting for further signs of pick-up in economic activity through Singapore's better repositioning under the Covid-19 pandemic reality and the resumption of cross-border activities for its external-dependent economy.

Property landlord and developer Hongkong Land was the STI's top performer, gaining US$0.15 or 3.65 per cent to US$4.26, after JPMorgan raised the stock to "overweight" from "neutral", with a target price of US$5.30.

For the second day running, City Developments was the STI's worst performer, shedding a further $0.14 or 1.8 per cent to $7.66.

This comes on the back of the repeated departures of board directors, casting doubt on the company's investment in Chinese real estate business Sincere Property Group, which is also undergoing review by Deloitte & Touche Financial Advisory Services.

Also for the second consecutive day, the most active counter was Sembcorp Marine, which shed $0.003 or 1.96 per cent to $0.15, on a volume of 120.3 million shares. No married deals were recorded.

Regional indices were a mixed bag. The Hang Seng Index gained 0.64 per cent and the Shanghai Composite Index added 0.73 per cent, while Japan's Nikkei 225 was down 0.37 per cent. Malaysia's KLCI gained 0.36 per cent.