Singapore shares slipped by midday, with Singapore Telecommunications easing after hitting its highest level in five years in the previous session.
The Straits Times Index was down 0.3 percent at 3284.33 points, while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.3 percent.
The Singapore market has gained only about 1.7 percent so far this year, hit by growth worries, after soaring nearly 21 percent last year.
The muted performance in the index this year compares with a 14 percent rise in Indonesia's main index and a 16 percent surge in the Philippines market this year.
SingTel shares fell as much as 1.6 percent to S$3.60 on Wednesday from a peak of S$3.70 in the previous session.
Transport operator ComfortDelGro Corp Ltd rose as much as 0.8 percent to S$1.915 after it said will acquire a portion of FirstGroup PLC's London bus business and assets for 57.5 million pounds ($88 million).
"We view this deal positively as it will increase ComfortDelgro's London bus fleet significantly by 494 to 1,700 and bring its market position to joint-second alongside Arriva London," said OCBC Investment Research, which kept a fair value estimate of S$1.95 and its 'hold' rating on the stock.
To read ComfortDelGro Corp statement, click
1245 (0445 GMT)