On Monday, Kansas City Federal Reserve Bank President Jeffrey Schmid used a debut speech on policy to signal that he remains focused on the threat of high inflation and is in no rush to cut rates. In addition, Fed Governor Michelle Bowman on Tuesday indicated she is in no hurry to cut rates, given upside risks to inflation that could stall progress or even cause price pressures to resurge.
At closing bell, the Straits Times Index (STI) index was down 18.39 points, or 0.58% to 3,138.93 after trading between 3,134.43 and 3,154.99. Volume of 2.28 billion shares worth S$1.61 billion changed hands. Across the broader market, decliners outpaced advancers 247 to 352.
Jardine Matheson Holdings was the top constituent gainer for the day, rising 1.3% to US$41.55. Jardine Cycle & Carriage was the top decliner on the STI for the day, down 1.4% to S$25.65.
Banking stocks ended the day lower, with shares of DBS Group Holdings falling 0.2% to S$33.45, Oversea-Chinese Banking Corp erasing 2.3% to S$13.01, and United Overseas Bank declining 0.3% to S$28.13.
Shares of City Developments fell 3% toS$5.78 amid disappointing earnings for 2023. The company saw a 75.3% decline in its earnings of S$317.3 million for the full year, down from S$1.29 billion in 2022. The earnings drop was mainly due to higher financing costs and the absence of any significant divestment gains like the ones in the previous year.
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