All eyes will be on the Fed's preferred inflation gauge- the so-called core personal consumption expenditures (PCE) price index data, due on Friday. Any negative surprises could further blur the U.S. rate cuts picture.
At closing bell, the Straits Times Index (STI) index was down 27.70 points, or 0.85% to 3,224.01 after trading between 3,224.01 and 3,259.97. Volume of 1.49 billion shares worth S$1.33 billion changed hands. Across the broader market, advancers outpaced decliners 297 to 240.
Yangzijiang Shipbuilding was the top constituent gainer for the day, rising 3.24% to S$1.91. CapitaLand Investment was the top decliner on the STI for the day, down 2.5% to S$2.68.
Banking stocks ended the day lower. DBS Group Holdings fell 1.64% to S$36.03 and Oversea-Chinese Banking Corp increased by 1.82% at S$13.49. United Overseas Bank was down 1.25% at S$29.31.
Second Chance Properties shares were down 2%, after the company reported an 87% decrease in its attributable income for the fiscal first half ended Feb. 29, 2024.
Abundance Internationals shares plummeted 13% after Shi Jiangang stepped down as the director of the company.
In economic news, Singapore's Domestic Supply Price Index fell 2.8% year over year in February, extending a 2.7% decrease in January, following declines in both oil and non-oil indices. Meanwhile, Singapore's Import Price Index fell 5.1% in February from a year ago after a 5% drop in January.
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