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SINGAPORE stocks closed slightly lower on Tuesday (Jul 30), as investors wait 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 around 1.1 billion securities worth S$1.2 billion changing hands.
In the region, key indices 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 Bursa Malaysia Kuala Lumpur Composite Index lost 0.8 per cent. Japan’s Nikkei 225, meanwhile, ticked up 0.2 per cent.
Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the Fed decision will “trigger no fireworks”, as Fed chair Jerome Powell will likely hint at an upcoming rate cut in September.
Closer to home, the benchmark STI was led by agribusiness group Wilmar International, which climbed 1.6 per cent or S$0.05 to S$3.16. Around 6.3 million shares worth S$19.8 million changed hands.
The index was dragged by conglomerate Jardine Matheson, which fell 2 per cent or US$0.74 to US$35.50. Property developer Hongkong Land also ended lower, dropping 1.8 per cent or US$0.06 to US$3.28.
Among the three local banks, DBS was the biggest gainer, up 0.6 per cent or S$0.23 to S$36.56. OCBC climbed 0.2 per cent or S$0.03 to S$14.80. Conversely, UOB slipped 0.4 per cent or S$0.14 to S$32.26.
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