Singapore's stock market tumbled on Wednesday despite an improved business outlook with global equities closing in the mixed zone overnight.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,553.85 and 3,592.98 throughout the day. It ended the session at 3,558.88, down 31.48 points or 0.9% compared to Tuesday's close.

In economic news, business expectations among firms from the services sector remain positive for the period between October 2024 and March 2025, according to a report by Singapore's Department of Statistics.

Total Loans and advances to residents in Singapore totaled SG$808.82 billion in September, with business loans and consumer loans contributing SG$489.58 billion and SG$319.25 billion, respectively, according to data released by the Monetary Authority of Singapore.

In company news, Nio fell over 7%; Keppel DC Reit fell over 2%; UOB fell 1.8%.

Shares of Aztech Global's (SGX:8AZ) crashed nearly 27% after the company's third-quarter net profit dropped nearly 56% year over year to SG$13.7 million from SG$30.9 million.

Singapore Institute of Advanced Medicine (SGX:9G2) plunged nearly 15% at the close after the medical service provider's loss after tax and total comprehensive loss from continuing operations for six months ended June 30 widened 67% year over year to SG$16.2 million from SG$9.7 million.

Meanwhile, shares of Hongkong Land Holdings (SGX:H78) ballooned nearly 11% after the developer realigned its strategy to focus on investment properties in Asia's gateway cities.