Regional bourses cashed in on China's stimulus measures and hopes of a United States interest rate cut this month, but local investors were unimpressed.
The Straits Times Index (STI) barely moved, adding just 1.85 points or 0.06 per cent to 3,146.33.
Elsewhere, Australia, China, Japan and South Korea were higher.
Like the local market, Hong Kong was little changed with investors still jittery despite the extradition Bill being scrapped.
Yesterday's more risk-friendly mood was driven by the effects of recent stimulus and hopes of interest rate cuts. China's central bank cut the reserve ratio requirement for banks last Friday to its lowest level since 2007 in a bid to inject liquidity into an economy facing the tandem effects of a slowdown and the trade dispute with Washington.
Judging from the August job data, the US economy could be showing signs of weakening. This further builds the case for a rate cut, with markets expecting a 25 basis point reduction this month.
That said, next week's inflation and consumer spending readings are probably going to determine if these hopes become a reality.
Trading volume here came in at 893.24 million shares worth $728.03 million with losers outpacing gainers 192 to 166.
Yangzijiang Shipbuilding continued its run as the STI's most active, closing flat at 98 cents on trade of 42.6 million. Its shares have gained 4.3 per cent since it inked new orders for five vessels last week.
Based on market data, institutionals were net buyers of the stock last week, suggesting that the contract wins revived their interest in the firm. "There is still an overhang caused by Chinese investigations, concerning an individual having close links to Yangzijiang, but it is clearly having less of an effect now," a trader noted.
The local banks were mixed. DBS Bank added 0.04 per cent to $24.77 and UOB was 0.2 per cent higher at $25.54 but OCBC Bank dipped 0.3 per cent to $10.82.
Real-estate player UOL Group fell 0.1 per cent to $7.47 after it launched sales for Avenue South Residences last Friday. Take-up rates met expectations, analysts said.
Among penny stocks, TEE International faced a sell-off, skidding 15.2 per cent to 3.9 cents after revealing the appointment of an independent investigator to look into unauthorised transactions totalling $6.55 million made by its subsidiaries to related parties. Its shares have lost 55 per cent in the past month.
