Ahead of the US Federal Reserve's July rate decision, investors in the local market exited positions in a session that saw the Straits Times Index slide 49.79 points or 1.5 per cent to end July at 3,300.75.
While the bar was set pretty low for progress between the two countries, there was slight disappointment at the conclusion of the meeting. As the month wore on, Singapore Exchange market strategist Geoff Howie noted that US dollar strength capped gains in the region and as"expectations for the Fed's expected rate cut set in and earnings commenced, institutions took to booking profit, especially among real estate investment trust plays".During yesterday's session in Singapore, trading volume was 1.15 billion securities, 96 per cent of the daily average in the first six months of 2019. Total turnover came to $1.
The local banks all ended lower. DBS Group Holdings was $0.08 or 0.3 per cent lower at $26.41, OCBC Bank fell $0.17 or 1.4 per cent to $11.54 and United Overseas Bank closed at $26.40, down $0.40 or 1.5 per cent. The supermarket operator, which plans to pay out a higher dividend for the April-to-June period, bucked the local trend to finish $0.01 or 0.9 per cent up at $1.16.
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