Straits Times Index edges up as buyers stay on sidelines

THE local share market stabilised on Wednesday although traders here were unwilling to embark on any sort of strong buying.

The Straits Times Index (STI) inched up 3.87 points or 0.12 per cent to 3,276.53 - regaining some losses following Tuesday's slide of 24.71 points.

Wall Street's strong overnight gains provided some encouragement but, on the other hand, disappointing results from some local corporates kept a lid on buying sentiment.

DBS Group Holdings, South-east Asia's largest bank by assets, was the chief culprit among the STI counters.

The stock slid 24 cents or 1.6 per cent to $14.96.

The bank said before markets opened that fourth-quarter net profit rose 4 per cent to $760 million, excluding a divestment gain. But the performance fell below market expectations.

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