LOCAL shares ended Wednesday (Feb 28) lower, as investors opted for more caution ahead of a slew of critical macroeconomic data, including the Federal Reserve’s preferred inflation gauge – the latest personal consumption expenditures. 

The benchmark Straits Times Index (STI) lost 0.6 per cent or 18.39 points to finish the trading day at 3,138.93. Across the broader market, decliners far outpaced advancers 352 to 247, after 2.3 billion securities worth a collective S$1.6 billion changed hands. 

It was a similar story for most markets around the region. The Nikkei 225 lost 0.1 per cent; the Bursa slipped 0.9 per cent, and the SSE Composite fell 1.9 per cent. The Hang Seng Index lost 1.5 per cent while the ASX 200 closed flat. The Kospi, however, bucked the trend with a gain of 1 per cent. 

SPI Asset Management’s managing partner, Stephen Innes, said in a note that investors shifted their focus back to economic indicators and the anticipated trajectory of US interest rates, with the current corporate earnings season nearing the end. 

“All in all, Wall Street shimmied within narrow trading ranges, and the limited movements are unlikely to provide significant direction for Asian markets, as traders are happy to twiddle thumbs ahead of a US data barrage,” he added. 

Jardine Cycle & Carriage : C07 0% was the top decliner on the STI for the day, booking a fall of 1.4 per cent or S$0.35 to S$25.65 on a cum-dividend basis. 

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The trio of lenders also ended the day in the red. OCBC : O39 0%lost 2.3 per cent or S$0.30 to S$13.01; UOB : U11 0%shed 0.3 per cent or S$0.07 to S$28.13; and DBS : D05 0%fell 0.2 per cent or S$0.05 to S$33.45. All three counters were trading on a cum-dividend basis. 

On the other end of the spectrum, Jardine Matheson Holdings : J36 0% was the top constituent gainer for the day, rising 1.3 per cent or US$0.54 to US$41.55.