SINGAPORE - Local equities pulled back on Tuesday amid a lack of global cues.

The benchmark Straits Times Index (STI) shed 27.55 points, or 0.85 per cent, to 3,218.8, with a turnover of 1.29 billion shares worth S$1.12 billion across the bourse.

Other markets in the region were mixed: Hong Kong extended gains from the previous day as it jumped 1.48 per cent, while Tokyo climbed 0.57 per cent and Shanghai slipped 0.3 per cent.

NetResearch Asia said in a report that markets continue to be "locked in a sideways mercurial funk" ahead of the upcoming corporate reporting season.

Traders also kept to the sidelines as they awaited the testimony of United States Federal Reserve chair Janet Yellen later today for clues on when the central bank would next tighten monetary policy, while the 0.03 per cent dip on Wall Street overnight did little to lift sentiment in this part of the world.

On the STI, Global Logistic Properties took a hard hit, plummeting 5.9 per cent or 17 cents to S$2.70, while Yangzijiang Shipbuilding sank 3.5 per cent or 4.5 cents to S$1.255.

Telco Singtel was a drag on the index as well, as it shed 0.5 per cent or two cents to S$3.88.

Its unit NetLink NBN Trust has priced its initial public offering at 81 cents a unit, making the S$2.3 billion offer size the biggest seen here in six years. NetLink is set to list next Wednesday.

Outside of the index, homegrown e-commerce retailer and distributor Y Ventures made a strong debut on the Catalist board, finishing at 25.5 cents - 15.9per cent higher than its initial offering price of 22 cents.

Meanwhile, backpack maker Dapai International Holdings was flat at 0.4 cent, after the company announced that it has been given until 5.05 pm on Aug 10 to delist from the mainboard as it did not meet listing requirements. Trading in the firm's shares will then be suspended until the completion of the cash exit offer.

The day's most hotly traded stock was Sincap Group, which shot up 22.2 per cent or 0.4 cent to 2.2 cents on 148.1 million shares done.