SINGAPORE (THE BUSINESS TIMES) - Cautious trading prevailed in major regional markets on Wednesday(March 17) with investors awaiting the outcome of the United States Federal Reserve's policy meeting, although local shares defied the wary mood.

The Straits Times Index (STI) inched up 0.1 per cent, or 4.14 points, to close at 3,109.65, after trading in the red earlier in the day.

Gainers outnumbered decliners 220 to 216 after 2.28 billion shares worth $1.45 billion changed hands.

Elsewhere, regional markets mostly ended lower. The Kospi in South Korea fell 0.6 per cent and Australia's ASX 200 slipped 0.5 per cent. Other key indexs in Japan, Shanghai and Hong Kong finished flat, each moving under 0.05 per cent on Wednesday.

Axi chief global markets strategist Stephen Innes said: "Asia equity markets (are) generally treading water with light turnover, indicating a lack of conviction."

He added that this strategy seemed reasonable as it was going to be hard for the Federal Open Market Committee to please everyone. The US Fed's two-day monetary policy meeting concluded overnight.

Venture Corp emerged as the top STI performer on Wednesday, rising 3.4 per cent to $19.95.

The other counters in the top five were real estate investment trusts (Reits).

Ascendas Reit added 2.7 per cent, CapitaLand Integrated Commercial Trust put on 2.3 per cent and Keppel DC Reit advanced 2.3 per cent.

Yangzijiang Shipbuilding, the top STI gainer on Tuesday, performed the worst among index constituents on Wednesday, falling 3.9 per cent to $1.24.

Oceanus Group was the most actively traded counter by volume, falling 4.8 per cent to four cents, with 229.2 million shares having changed hands.