Singapore Shares Incur Losses as US Federal Reserve Holds Interest Rates
Singapore shares fell on Thursday, tracking regional losses as the US Federal Reserve held interest rates steady, prompting concerns over the ability of chief Kevin Warsh to bring down inflation.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,638.94 and 5,683.35 throughout the day. It ended the session at 5,673.58, down 39.61 points or 0.7% compared to Wednesday's close.On the corporate front, shares of Wee Hur (SGX:E3B) were down nearly 1% at the close as its subsidiary, Wee Hur (Hong Kong), formed a joint venture with WM (Hong Kong) to establish Wee Hur Bedford.Yoma Strategic (SGX:Z59) closed over 1% higher as its subsidiary, Yoma Development Group, disclosed an entry into a joint venture with Yangon Nominees to develop the Moe Ma Kha Garden Residence project in Myanmar.Meanwhile, shares of Singtel (SGX:Z74) were down nearly 1% as its Australian unit, Optus, was informed by the Australian Communications and Media Authority about proceedings in the Federal Court of Australia against it over an alleged breach by Optus Mobile over several provisions of the Telecommunications Determination 2019.
