Singapore share prices closed 0.57 percent lower on Tuesday with investors on the sidelines ahead of a US Federal Reserve policy meeting starting later Tuesday, dealers said. The blue chip Straits Times Index fell 16.99 points to 2,962.16.
Volume totalled one billion shares worth 1.01 billion Singapore dollars (742 million US) with losing shares outpacing gainers 359 to 170 and 974 issues steady. DBS Vickers said that "in the near term the market is expected to be volatile with a downside bias as it climbs the wall of concerns over rising inflation and interest rates."
The Federal Reserve is widely expected to leave its base rate unchanged at 2.0 percent after its two-day meeting ends Wednesday, despite recent tough talk on inflation from chairman Ben Bernanke, economists said.
Among local banks, DBS dropped 18 cents to 18.74 Singapore dollars, United Overseas Bank eased 14 cents to 18.58 while Oversea-Chinese Banking Corp dropped one cent to 8.19. In the property sector, CapitaLand slipped six cents to 5.75 but City Developments bucked the trend to close 10 cents higher at 10.48 dollars.
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