Singapore Strait Times Index opened marginally higher on Tuesday but slipped back into the negative territory at the close, following overnight losses in global markets.

During the day, the benchmark index ranged between 3,101.24 and 3,133.93, ending 0.48% or 15.11 points lower at 3,107.10.

In economic news, Singapore's retail sales rose 1.3% year over year in January to SG$4.3 billion, reversing the 0.5% fall in December 2023, according to data from Statistics Singapore on Tuesday.

Meanwhile, business activity in Singapore's private sector expanded in February, thanks to improving demand, driving a record rise in employment during the month, according to a S&P Global report.

In company news, IX Biopharma's (SGX:42C) shares ballooned 12% on Tuesday's close after the company unveiled a novel drug delivery system at the Center for Healthy Longevity Conference.

Sinjia Land's (SGX:5HH) shares closed 6% on Tuesday, as the property developer terminated its convertible loan agreement with BINEX on March 4.