Singapore shares were flat by the midday break on Tuesday as concerns over inflation and tightening policies in Asia weighed on sentiment, but property developer Keppel Land (KLAN.SI) outperformed the market following its strong earnings.

By the break, the Straits Times Index (STI) <.FTSTI> was up 1.44 points at 3,187.20. The total value of shares traded in the morning session was $845.1 million, up from $562.1 million 

 

“Inflation worries and concerns about monetary tightening policies in Asia being brought forward are still lingering on the minds of investors. 

 

There’re no compelling reasons to buy right now, thus the lethargy,” said Song Seng Wun, a regional economist at CIMB Research.

 

Traders said they expected the STI to trade in a 3,163-3,190 point band in the afternoon with more downward bias.

 

“But if we see that underlying growth in Asia can still be maintained despite the tightening policies, this may support company earnings and equity markets,” Song said.