Singapore shares came off a more than two-and-a-half-year high to trade lower after three straight sessions of sharp gains, with financials accounting for most of the losses.
Asian shares edged up as crude oil futures took back lost ground. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent.
Investors continued their policy vigil with the Federal Reserve set to end its two-day meeting on Wednesday, while the European Central Bank meets on Thursday.
At 0620 GMT, the Straits Times Index lost 0.22 percent or 8 points to 3,457. It ended 0.15 percent higher on Tuesday, taking the year-to-date performance to about 20 percent.
Shares of United Overseas Bank were down 0.2 percent, Oversea-Chinese Banking fell 0.3 percent while DBS Group Holdings declined 0.4 percent.
But Noble Group climbed 8 percent amidst report commodities trader is talking to creditors about a conventional restructuring that includes a debt-for-equity swap, Bloomberg reported on Tuesday.
Shares in Infinio Group slumped 33 percent after gaining as much as 50 percent to in the previous session.
Midas Holdings stock zoomed up nearly 8 percent, turning up as one of the most active in the early hours of the morning trade.
About 784 million shares worth S$423 million changed hands, with gainers outnumbering losers 182 to 136.