Singapore's Strait Times Index fell into the negative territory on Wednesday's close following overnight losses on Wall Street.

During the day, the benchmark Singapore Strait Times Index ranged between 3,209.43 and 3,233.91, ending 0.77% or 25.06 points lower at 3,222.66.

In economic news, business activity in Singapore's private sector slowed month on month in March, but the expansion rate remained strong, thanks to a faster growth in new orders, an S&P Global report said.

Meanwhile, Singapore's mergers and acquisitions (M&A) transactions fell 5.5% year over year to $15.7 billion in the first quarter of 2024, according to data from the London Stock Exchange Group (LSEG).

In corporate news, shares of Singtel (SGX:Z74) fell over 4% on Wednesday's close, even as the telecom servicer provider clarified that there are currently no definitive announcements regarding a reported sale of its subsidiary Optus.

Shares of Seatrium (SGX:S51) were up 1% after the company secured a series of contracts worth SG$350 million.