Investors taking up defensive positions

THE local equities market closed lower on Wednesday after a Wall Street sell-off as investor optimism cooled.

Singapore's Straits Times Index (STI) continued to recede, finishing Wednesday's session at 3,301.25, 3.02 points or 0.1 per cent lower.

Regional markets sang the same tune for the most part with Australia, China, Japan and Malaysia ending lower. South Korea closed flat while Hong Kong recorded a modest gain.

Markets rebounded towards the end of last week when the US Federal Reserve revealed its dovish stance and US-China trad…