Markets dragged down by China data
The benchmark Straits Times Index rose just 8.65 points, or 0.26 per cent, to 3,347.28 while most bourses elsewhere in the region were dragged down by data showing that inflation in China remained tepid last month.
Sydney fell 0.51 per cent, Seoul returned from a three-day public holiday to decline 0.75 per cent, Shanghai ended 0.29 per cent lower and Hong Kong slipped 0.17 per cent.
Tokyo was among the rare gainers, climbing 0.76 per cent.
"Investors are unwinding positions as the market had a pretty big run-up," IG market strategist Stan Shamu told Bloomberg.
The market has become accustomed to a situation where weaker Chinese data just encourages economic stimulus, he said. "This doesn't seem to be the case any more. They're focused more on reforms and if they do introduce stimulus, it will be a bit measured."
Source: business.asiaone.com
