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  • The Singapore stock market finished session slightly lower on Thursday, 25 May 2023, as worries mounted about a disastrous U.S. default after ratings company Fitch put the United States AAA debt ratings on negative watch.

    Meanwhile, sentiments dampened after the Ministry of Trade and Industry (MTI) estimated full-year gross domestic product (GDP) to come in ?at around the mid-point? of its official forecast range of 0.5% to 2.5% year on year.

    At closing bell, the Straits Times Index (STI) index was down 6.49 points, or 0.2%, to 3,207.72 after trading between 3,195.95 and 3,213.23. Volume was 1.31 billion shares worth S$1.01 billion changed hands. There were 257 gainers and 308 decliners.

    The top gainer on the STI was me United Overseas Bank, which rose 1.19% to S$28.16. Meanwhile, the top decliner was DFI Retail Group, which lost 3.04% to S$2.87.

    The local banking trio, accounting for a weighting of over 40% of the STI, were higher. United Overseas Bank was up 1.2% to S$28.16, DBS added 0.67% to S$31.61, and Oversea-Chinese Banking Corp added 0.4% to S$12.25.

    ECONOMIC NEWS: Singapore GDP Drops 0.4% In Q1- Singapores gross domestic product dropped a seasonally adjusted 0.4% on quarter in the first three months of 2023, the Ministry of Trade and Industry said on Thursday, following the 0.1% increase in the previous three months. On an annualized basis, GDP rose 0.4%. Upon the release of the data, the MTI announced that its 2023 GDP growth forecast for Singapore has been maintained at 0.5 to 2.5%, with growth likely to come in at around the mid-point of the range

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