The U.S. Federal Reserve will reveal the outcome of its policy meeting Wednesday, while the Bank of England and European Central Bank is slated to announce its policy gathering results on Thursday. Investors will be looking for clues about how much higher the central bank will take rates in the fight against inflation. The market is widely expecting a 25-basis point interest rate hike to bring the Fed funds rates to 4.5% to 4.75%.
At closing bell, the Straits Times Index (STI) index was down 12.62 points, or 0.37%, to 3,365.67 after trading between 3,352.08 and 3,389.77 Volume was 1.33 billion shares worth S$1.24 billion changed hands. There were 241 gainers and 297 decliners.
The top performing stock in Straits Times Index was Yangzijiang Shipbuilding which rose 4% to S$1.29, while the bottom performing stock was Emperador Inc, falling 2% to S$0.49.
The local banks were higher. United Overseas Bank was down 0.8% to S$29.83 and Oversea-Chinese Banking Corp fell 0.46% to S$12.93, while DBS added 0.3% to S$35.79.
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