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Singapore stocks finish weaker ahead of US FOMC meeting
THE Straits Times Index (STI) on Tuesday took its cue from movements in the Dow futures and the Hong Kong market, dropping 15.9 points to 3,225.95. Having already risen sharply on Monday ahead of Wall Street's record high later that day, trading was much more subdued on Tuesday, with turnover amounting to 1.6 billion units worth S$1.04 billion, and the broad market recording 184 rises versus 227 falls, excluding warrants.
One explanation offered for the quiet session was caution ahead of this week's US Federal Open Markets Committee meeting. Although no interest rate hike is anticipated after the meeting ends on Wednesday, the Fed is expected to announce plans to unwind its US$4.2 trillion balance sheet that had to be expanded to that size because of 2008's sub-prime crisis.