SINGAPORE shares sank for the third straight day this week following a mixed showing on Wall Street, after mildly lower US inflation data signalled that the Federal Reserve (Fed) could stay on its path of elevated rates.

The Straits Times Index (STI) fell 37.38 points or 1.1 per cent to 3,280.82 on Wednesday (Feb 15). This showing also followed Finance Minister Lawrence Wong’s Budget 2023 speech the day before, in which he announced higher wealth-related taxes on high-end properties and luxury cars. He also introduced more social-support schemes to lessen the sting of rising cost pressures.

Key regional gauges from Japan to Hong Kong, Taiwan, China, South Korea and Australia finished in the red; Malaysia closed with marginal gains.