Singapore's Straits Times Index slipped into the red zone on Wednesday, despite an overnight global rally following US inflation data that topped expectations.

During the day, the benchmark Singapore Strait Times Index ranged between 3,285.45 and 3,309.42, ending 0.72% or 23.93 points lower at 3,289.42.

In economic news, Life insurance in Singapore surged 32% year over year to $1.37 billion in the first quarter of 2024, according to a statement from the Life Insurance Association, Singapore (LIA).

In company news, Biolidics (SGX:8YY) surged 20% even though the company posted a wider attributable loss in the first quarter after revenue plummeted past 96% from a year earlier.

Shares of Hyphens Pharma International (SGX:1J5) were up over 9% after the company almost doubled its net profit in the first quarter, thanks to improved sales from all segments, especially in the specialty pharma principals unit.

Oxley Holdings' (SGX:5UX) shares were down nearly 1% after it bought back a further 100,000 shares in the open market on Tuesday as per an existing mandate of up to 212.5 million shares.