The local bourse has not begun the new year with a bang. The key Straits Times Index (STI) closed marginally lower today, by 2.94 points or 0.09 per cent to 3,120.88.

This marks the STI's third straight day of losses. The decline was in line with other major Asian markets with Japan's Nikkei 225 falling 0.6 per cent and Australia's ASX 200 down by 0.2 per cent.

An uninspiring overnight performance in Wall Street on Monday led by weaker-than-expected data on the services sector of the world's largest economy could have led to the drag on stocks.

"Those expecting a strong start in the stock market for January have been met with malaise," said Ms Kelly Teoh, market strategist at IG Markets in Singapore.

Gainers led losers 211 to 180 while 397 counters were unchanged. Some 3.86 billion shares worth $1.13 billion were done.