However, market losses were limited after latest data showed that China's manufacturing activity expanded at the fastest pace in more than a decade in February, confirming that the economic recovery in China gained momentum over the past month after the country relaxed most of its anti-COVID measures in January.
At closing bell, the Straits Times Index (STI) index declined 7.55 points, or 0.23%, to 3,255.08 after trading between 3,255.08 and 3,275.10. Volume was 4.49 billion shares worth S$1.39 billion changed hands. There were 323 gainers and 236 decliners.
The top performing stock in Straits Times Index constituents was Yangzijiang Shipbuilding which rose 2.33% to S$1.32, while the bottom performing stock was SATS - Singapore Airport Terminal Services, falling 5.3% to S$2.68.
Local banks were mixed. United Overseas Bank added 0.03% to S$29.93, while DBS Group Holdings fell 0.5% to S$34 and Oversea-Chinese Banking Corp was down 1.1% at S$12.53.
In corporate news, First Resources' shares gained 6% as profit attributable to the owners surged 53.4% to $197.2 million in the second half of 2022.
Shares of Yanlord Land Group slipped nearly 6%, as its profit attributable to the owners plummeted 92% to 155.6 million yuan in the second half of 2022.
Yangzijiang Financial shares closed 4% higher, even as the company booked a profit attributable to equity holders of SG$25.6 million in the second half of 2022, down from SG$130.7 million a year earlier.
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