SINGAPORE shares closed lower on Friday (Mar 15), tracking a decline across most regional markets as investor sentiment was hit by inflation concerns.

The benchmark Straits Times Index (STI) fell 0.4 per cent or 13.44 points to close at 3,172.96. For the week, the market barometer was up 0.8 per cent from last Friday’s close.

Elsewhere in the region, key indices in Australia, Japan, South Korea and Hong Kong were also in the red, tracking overnight losses in the US after strong inflation data spooked investors.

IG market analyst Yeap Jun Rong noted that US producer prices in February continue to reveal some persistence in inflation pressures, which put Wall Street in the red overnight.

Across the broader Singapore market, losers outnumbered gainers 335 to 225, after three billion securities worth S$2.3 billion changed hands.

SGX market strategist Geoff Howie noted that the heavy volume came amid FTSE quarterly rebalancing on close, with around S$1.2 billion in market on close rebalancing orders.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

Just three STI counters ended in the black on Friday, including DBS and Hongkong Land, which climbed 0.1 and 0.6 per cent, respectively. Shares of Jardine Matheson led the index gainers, climbing 1 per cent to close at US$39.79.

Meanwhile, outgoing STI counter Emperador extended its losing streak, falling 7 per cent on Friday to end at S$0.40. The counter has shed 20 per cent over the past five trading days. FTSE Russell announced last month that Emperador will be removed from the STI at the start of trading next week, with Frasers Centrepoint Trust replacing it.

Other top decliners for the day included Seatrium and Yangzijiang Shipbuilding, which were down 3.3 and 2.9 per cent, respectively.

Howie said that Yangzijiang Shipbuilding saw its highest session volume since Oct 19 last year. He noted that the trading volume for the counter has been elevated in the past week, averaging 2.5 times the daily volume in the preceding three months, after T. Rowe Price Associates reduced its deemed interest in Yangzijiang last week.