Investors turn defensive ahead of Fed cut
STI ekes out 4.15 point or 0.1 per cent gain to end the day at 3,350.54 while Asian markets close broadly higher
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ASIAN markets were broadly higher ahead of an expected rate cut by the US Federal Reserve as investors plotted portfolio adjustments ahead of the central bank's meeting on Wednesday.
The Straits Times Index (STI) spent most of Tuesday's session near neutral before ekeing out a 4.15 point or 0.1 per cent gain to close at 3,350.54.
"There had also been a noticeable evasion to safety trend with the defensives mostly faring better than the cyclicals," IG market strategist Pan Jingyi said of the trading session on the Singapore bourse.
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