Quiet trading ahead of FOMC meeting

THE Straits Times Index on Wednesday drifted to a 12.02-point loss at 3,040.51 in low volume of one billion units worth S$826 million. Markets around in the region underwent similar quiet and cautious sessions - the indices in Hong Kong and China ended weaker while the Dow futures traded marginally firmer - probably as traders waited for the outcome of Wednesday's US Federal Open Market Committee (FOMC) meeting.

STI components traded 246.3 million units worth S$596.3 million, which in dollar terms was 72 per cent of the entire market. Excluding the 30 STI members, trading amounted to 754 million units worth S$230 million, for a unit average of S$0.31.

All three banks ended weaker, possibly on soft earnings expectations. OCBC on Wednesday was the first to report its third-quarter figures - a net profit of S$902 million, which was 27 per cent lower than a year ago.