Singapore's Straits Times Index erased yesterday's gains to close in the negative territory on Wednesday, tracking overnight losses on Wall Street after newly released US trade data showed a weakening economic outlook.

During the day, the benchmark index ranged between 3,159.54 and 3,194.05, ending 0.56% or 18.00 points higher at 3,197.96.

In corporate news, Oversea-Chinese Banking Corp. or OCBC (SGX:O39) shares were hardly moved on Wednesday, as the lender priced SG$450 million worth of 4.05% perpetual capital securities, first callable in 2029, under its $30 billion global medium term bond program.

Tianjin Pharmaceutical (SGX:T14) shares fell 5% on Wednesday's close after a portion of the shares of Tianjin Pharmaceutical controlling shareholder, Tianjin Pharmaceutical Holdings, were placed under judicial freeze.

UG Healthcare (SGX:8K7) closed some 9% lower on Wednesday, as the company granted 2,750,000 share options on Tuesday under the Unigloves Employee Share Option Scheme at an exercise price of SG$0.1307 apiece.