Singapore shares were up 0.2% on Thursday in sluggish trade that traders said is likely to continue in the afternoon, but Singapore Airlines (SIAL.SI) underperformed the broader market on lower overall load factors data in November.

By the midday break, the Straits Times Index (STI) <.FTSTI> gained 6.60 points to 3,153.80. Total value of shares traded in the morning session was $628.3 million, down from $828 million on Wednesday.

Local traders saw the STI trading in a tight range of between 3,145 and 3,160 points after the midday break.

Shares of SIA fell as much as 2.1% after it said its overall load factor in November was 70.1%, lower than the 71.1% recorded in October and November 2009’s 72.3%.

At midday, SIA shares were trading at $15.14 on a volume of 3 million shares.

“The growing challenge for SIA is increasingly coming from the Middle Eastern carriers on the long-haul transit routes and also regionally from the lower-cost carriers,” said Andrew Orchard, an analyst at RBS.