Singapore share prices closed 0.56 percent lower on Wednesday despite late bargain-hunting that kept the index above the crucial 3,500 points support level, dealers said. The Straits Times Index closed down 19.60 points at 3,505.50 on volume of 4.01 billion shares, valued at 3.31 billion dollars (2.16 billion US).
Losers led gainers 514 to 338, with 669 stocks unchanged. "We are down in reaction to what happened in the US," a dealer at a local brokerage said. The Federal Reserve is widely expected to maintain its federal funds rate at 5.25 percent.
Among blue chips, Singapore Telecommunications was flat at 3.44, Singapore Airlines was down 0.20 at 18.50. Singapore Press Holdings was up 0.02 at 4.58. Property counters were mostly lower. Keppel Land was down 0.25 at 8.60, CapitaLand fell 0.25 at 7.55 and City Developments dropped 0.30 to 16.90.
Banks were mostly lower, giving up earlier gains. DBS Group declined 0.30 to 22.80, while United Overseas Bank dipped 0.40 to 21.90. But Oversea-Chinese Banking Corp bucked the decline, rising 0.10 to 9.20.
United Test and Assembly Centre rose 0.07 to 1.15 after private equity firm TPG Capital and buyout fund manager Affinity Equity Partners made an offer to take over the Singapore-based chip tester and packager for 1.20 per share. Shipyard operator Sembcorp Marine gained 0.10 to 4.94. Neptune Orient Lines Ltd rose 0.15 to 5.20.
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