Singapore shares lose momentum after yesterday’s Asia-wide rally, with investors content to lie low, wait for fresh cues.

The STI gained 0.1% at 2,836.66 midday after hovering in tight 2,831–2,842 range whole morning, with gains in Jardine group of companies mitigating losses in banks, developers.

Market breadth tad negative with low participation as overall volume just 639.5 million shares, driven by good mix of large-, small-cap stocks.

SIAS Research head Roger Tan says while investors of late seem to have emerged from despondence, shifted into bargain-hunting mode, “the market is still dominated mainly by investors with a trader’s mentality and therefore we should expect to see a good level of profit-taking after every strong gain.”

Jardine Matheson (J36.SG) +5.0% at US$31.70 ($44.36), Jardine Strategic (J37.SG) +2.6% at US$18.70, Jardine Cycle & Carriage (C07.SG) +2.1% at $26.86.