Wall Street closed lower overnight on signs the U.S. Federal Reserve is in no hurry to cut interest rates after hawkish comments from Atlanta Fed President Raphael Bostic that there is no urgency to cut interest rates amid risks inflation stays above the central bank's 2% target.
China is aiming to lower their fiscal budget to 3% GDP, from a gap of around 3.8% in 2023, suggesting large fiscal stimulus is off the table for now
At closing bell, the Straits Times Index (STI) index was down 15.11 points, or 0.48% to 3,107.10 after trading between 3,101.24 and 3,133.93. Volume of 1.39 billion shares worth S$959.61 million changed hands. Across the broader market, decliners outpaced advancers 356 to 194.
UOL was the top constituent gainer for the day, rising 0.7% to S$5.60. Seatrium was the top decliner on the STI for the day, down 3.26% to S$0.089.
Banking stocks ended the day mixed, with shares of DBS Group Holdings falling 0.1% to S$33.40. United Overseas Bank closed steady at S$28.15 and Oversea-Chinese Banking Corp was flat at S$13.
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