Bolton's failures in front of goal were highlighted again as they had to be satisfied with only a point from a game they look like winning from long periods.
Having had most of the first-half play, they only had efforts from Jay-Jay Okocha and Kevin Nolan that looked anywhere near to breaking down a stubborn Southampton defence.
Okocha, however, was unlucky when he found Finnish keeper Antti Niemi in sparkling form and his two saves, from Okocha in the first half and Mario Jardel in the second earned the Saints the draw.
Saints were reduced to ten men five minutes from time when Michael Svensson was sent off for a second bookable offence but even the man advantage could not help Wanderers to land all three points, their frustration being summed up in the final minutes when Henrik Pedersen just failed to get his head on the ball with Niemi finally beaten.
Nolan has been something of a surprise package for Wanderers this season and the attacking midfielder almost added to his tally in the opening minutes.
The move was set up by Okocha with a sweeping crossfield pass that Davies headed on to Nolan, who fired a shot that was only narrowly too high.
Saints then had to back track against a confident looking home side and they were relieved when Okocha fired in another shot just wide of the target.
Okocha then produced the first real opening as his looked to have put a 19th minute free-kick into the far top corner only for Saints keeper Niemi to produce a breathtaking save to tip the ball over.
Niemi then had to go down smartly to collect another power shot from Okocha, but as the half went on Southampton began to find their way into the game, with James Beattie and Kevin Philips always threatening.
The Wanderers cover had a couple of anxious moments keeping Jussi Jaaskelainen busy in the Bolton goal.
Wanderers failure to capitalise on the territorial advantage encouraged Saints to push forward themselves.
Phillips was the first to test Jaaskelainen and then Davies, back in his own six-yard box, was forced to head a Rory Delap header over his own bar.
In between Niemi had to save from Okocha and then Stelios Giannakopoulos was disappointed when he put the ball in to the Southampton net only to have the effort ruled out for offside.
Southampton threatened again through Phillips, but the best chance of breaking the deadlock fell to sub Jardel, who after being put clear by Okocha just right of goal saw his effort tipped over by Niemi.
Jardel, however, was at the centre of controversy five minutes from the end when he was fouled by Michael Svensson and when the yellow card was added to the one shown earlier in the half, the Southampton man was shown red.