The Federal Reserve this week left rates unchanged and signalled that its next policy move will be to lower its rates, though chair Jerome Powell noted that recent strong inflation readings suggest the first of these cuts could be a long time coming.
At closing bell, the Straits Times Index (STI) index fell 3.96 points, or 0.12% to 3,292.93 after trading between 3,289.76 and 3,312.47. Across the broader market, advancers outpaced decliners with 344 to 239, with 1.23 billion securities worth S$964.08 billion changed hands.
The biggest gainer on the STI was consumer goods conglomerate Jardine Matheson Holdings, up 2% to US$39.29. Mapletree Pan Asia Commercial Trust was the worst performer on the STI for the day, down 3.2% to S$1.22.
Banking stocks ended the day mixed, with DBS Group Holdings gaining 0.25% to S$35.64 and United Overseas Bank adding 0.6% at S$30.65, while Oversea-Chinese Banking Corp fell 0.4% at S$14.28.
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