SINGAPORE – Local shares went south on July 5 with investors here and across the region struggling to conjure up any compelling buying leads, given Wall Street was closed overnight for the Independence Day holiday.

The uncertain mood sent the benchmark Straits Times Index (STI) sliding by 0.9 per cent, or 29.07 points, to 3,410.81, with losers outnumbering gainers 296 to 257 on the broader market after 1.1 billion securities worth just $812.3 million changed hands.

It was much the same in key indexes in the region. The Nikkei 225 in Tokyo was largely flat, the Hang Seng in Hong Kong fell 1.3 per cent and Malaysian shares slid 0.4 per cent.

The Kospi in Seoul was the standout regional performer, surging 1.3 per cent.

Australia’s bourse ended flat in lacklustre trading with investors holding their fire until crucial United States jobs data was released late on July 5.

IG market analyst Yeap Jun Rong noted that markets are awaiting the data to predict whether an interest rate cut is on the cards for September.

In particular, investors are on the lookout for numbers showing that more jobs were added, and that the US unemployment rate is holding steady at 4 per cent.

The anticipation of a possible US rate cut would limit risk-taking in the region, with Mr Yeap expecting markets to be relatively stable with a weaker American dollar. The no-surprise outcome of a Labour victory in the British elections is likely to elicit a lukewarm reaction from global markets.

The STI’s biggest gainer was CapitaLand Integrated Commercial Trust, which rose 0.5 per cent to $2, while the decliners were led by CapitaLand Investment, down 2.2 per cent to $2.65.

The three local banks ended lower after a stellar few days of solid gains. DBS Bank fell 1.5 per cent to $37.42; OCBC Bank fell 1 per cent to $15; and UOB was down 0.2 per cent to $32.50. THE BUSINESS TIMES