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Singapore shares fall 0.5% on Wednesday ahead of Fed rate decision

LACKING drivers ahead of the upcoming Federal Open Market Committee interest rate decision, markets traded sluggishly on Wednesday.

Despite slipping lower on fresh news that Saudi Arabia's oil output could be restored by the end of September, oil prices remained elevated amid worries about tensions in the Middle East, after the US said Iran was most likely behind the attacks.

Asian markets mostly traded lower, including Japan, Australia, New Zealand, Hong Kong and Singapore. Markets in China and South Korea closed with gains.

In Singapore, the Straits Times Index lost 0.51 per cent or 16.16 points to 3,166.84. About 905.12 million securities worth S$914.04 million changed hands, with losers outnumbering gainers 196 to 166.

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Rex International led active counters, as it has for the past two sessions, but retreated with the declining oil prices. It lost 0.5 Singapore cent or 5.38 per cent to S$0.088, after 60.4 million shares changed hands.

TEE International picked up 0.4 Singapore cent or 9.52 per cent to S$0.046 on a volume of 54.3 million, while Yangzijiang Shipbuilding lost three Singapore cents or 2.78 per cent to S$1.05 with 28.2 million shares traded.

Y Ventures requested for a trading halt on Wednesday. No announcement had been made as at market close.