Singapore shares edge down slightly as investors keep watch on US Fed meeting

SINGAPORE - Singapore stocks closed slightly lower on July 30, as investors waited in anticipation of the start of the Federal Reserve’s two-day meeting.

The Straits Times Index (STI) ended 0.1 per cent or 2.41 points lower at 3,441.77.

Across the broader market, losers outnumbered gainers 302 to 231, with 1.08 billion securities worth $1.22 billion changing hands.

In the region, key indexes were mixed. Hong Kong’s Hang Seng Index fell 1.4 per cent, South Korea’s Kospi Composite Index ended down 1 per cent, and the Bursa Malaysia Kuala Lumpur Composite Index lost 0.8 per cent. Japan’s Nikkei 225, meanwhile, ticked up 0.2 per cent.

Swissquote Bank senior analyst Ipek Ozkardeskaya said the Fed decision will “trigger no fireworks”, as Fed chair Jerome Powell will likely hint at an upcoming rate cut in September.

At home, the benchmark STI was led by agribusiness group Wilmar International, which climbed 1.6 per cent to $3.16. Around 6.3 million shares worth $19.8 million changed hands.

The index was dragged by conglomerate Jardine Matheson, which fell 2 per cent to US$35.50. Property developer Hongkong Land also ended lower, dropping 1.8 per cent to US$3.28.

Among the three local banks, DBS Bank was the biggest gainer, up 0.6 per cent to $36.56. OCBC Bank climbed 0.2 per cent to $14.80. Conversely, UOB slipped 0.4 per cent to $32.26.

THE BUSINESS TIMES