Singapore shares close lower after early rebound loses steam

TRADING on Wednesday was quiet with turnover amounting to a low 1.4 billion units worth S$789.4 million. Rises in the three banks helped the Straits Times Index move into the black intraday but the momentum was not sustained - the index closed with a net loss of 0.68 of a point at 2,910.63. Excluding warrants, there were 168 rises versus 219 falls.

Brokers described the session as largely devoid of features but added that this was to be expected, given the upcoming holidays and the withdrawal of capital from emerging markets triggered by expectations of a faster-than-forecast US interest rate hiking cycle.

The session's most actively traded stocks were movie firm Spackman, commodities firm Noble Group and oil and gas firm Ezra. The most actively traded index members were Golden Agri Resources, Singtel and Genting Singapore.