SINGAPORE (December 12, 2025) — Trading on the Singapore Exchange (SGX) has turned distinctly “two-speed” today: high-volume penny counters are dominating the leaderboard by share count, while banks, telcos, REITs and large-cap industrials are leading by trading value . As at 1:39pm Singapore time , investors have been rotating between liquidity-heavy blue chips (especially the three local banks) and event-driven names tied to major corporate headlines in real estate and energy. [1]
The day’s flow is also being shaped by the broader risk backdrop: Asian equities tracked Wall Street’s record momentum after the latest US Federal Reserve rate cut, even as tech valuation worries resurfaced. [2]
Below is a detailed look at the most active Singapore stocks today , plus the news catalysts, analyst calls, and forward-looking takeaways that are driving the action on 12.12.2025 .
Singapore stock market today: what “most active” really means on SGX
On SGX, “most active stocks” typically split into two categories:
- Most active by volume (shares traded): often lower-priced counters where big share counts can change hands on relatively modest dollar amounts.
- Most active by trading value (S$ traded): usually large-cap names (banks, telcos, major REITs) where even a few million shares translate into large turnover.
Today’s data snapshot (as at 1:39 p.m. ) captures both sides clearly — and several of the most active names are also tied to fresh corporate news and broker commentary released this morning. [3]
Most active SGX stocks today by volume (as at 1:39pm, 12 Dec 2025)
Here are the top volume counters on the Singapore stock market today, based on SGX market data as aggregated by SGinvestors (volumes shown by the source in ‘000 shares ). [4]
Top 10 by volume
- Marco Polo Marine (5LY) — 70.5m shares , S$0.158 , +2.60% [5]
- Addvalue Technologies (A31) — 56.9m shares , S$0.062 , +5.08% [6]
- Hiap Seng Industries (1L2) — 51.6m shares , S$0.022 , +4.76% [7]
- Keppel REIT (K71U) — 38.0m shares , S$0.965 , -6.31% [8]
- Genting Singapore (G13) — 31.3m shares , S$0.725 , flat [9]
- Global Invacom (QS9) — 20.7m shares , S$0.054 , +14.89% [10]
- TrickleStar (CYW) — 16.1m shares , S$0.032 , flat [11]
- Lippo Malls Indonesia Retail Trust (D5IU) — 15.8m shares , S$0.016 , +14.29% [12]
- CapitaLand Integrated Commercial Trust (C38U) — 14.9m shares , S$2.32 , flat [13]
- Aoxin Q & M Dental (1D4) — 14.3m shares , S$0.083 , +7.79% [14]
What stands out in the volume list
- Penny stocks dominate the top three (Marco Polo Marine, Addvalue, Hiap Seng). That is typical in “by volume” rankings, where heavy retail participation can move tens of millions of shares quickly.
- Keppel REIT is the standout “news-driven” high-volume mover — large volume and a sharp price move — following its major Marina Bay office tower deal and funding plan (more below).
- Seatrium also ranks highly by volume and is tied directly to a fresh contract win plus bullish broker commentary issued today. [15]
Most active SGX stocks today by trading value (as at 1:39pm, 12 Dec 2025)
By trading value (S$) , the leaderboard is led decisively by the three local banks , followed by Singtel, Hongkong Land, and several major REITs/industrials. [16]
Top 10 by trading value
- DBS (D05) — S$111.9m , S$54.98 , +1.08% [17]
- UOB (U11) — S$97.5m , S$34.89 , +1.78% [18]
- OCBC (O39) — S$52.3m , S$19.16 , +1.11% [19]
- Singtel (Z74) — S$47.6m , S$4.63 , +1.54% [20]
- Hongkong Land (H78) — S$47.3m , US$7.14 , +3.03% [21]
- Keppel REIT (K71U) — S$36.9m , S$0.965 , -6.31% [22]
- CICT (C38U) — S$34.4m , S$2.32 , flat [23]
- Seatrium (5E2) — S$29.0m , S$2.14 , +2.88% [24]
- Sembcorp Industries (U96) — S$23.3m , S$5.94 , +2.06% [25]
- Genting Singapore (G13) — S$22.9m , S$0.725 , flat [26]
Why the value list matters more for institutional positioning
High turnover in DBS/UOB/OCBC often reflects institutional flow and index-linked trading. Meanwhile, today’s largest event-driven value names include Hongkong Land , Keppel REIT , Seatrium , and Sembcorp , each tied to major corporate developments and analyst commentary published on 12 Dec 2025 . [27]
What’s driving the biggest moves: 12 Dec 2025 headlines, broker calls, and corporate catalysts
1) Hong Kong Land jumps on new S$8 billion Singapore private real estate fund plan
Hongkong Land is a clear focus today, ranking among the most active stocks by trading value and appearing on the volume list as well. [28]
The company announced it is injecting interests in One Raffles Quay and MBFC Towers 1 and 2 into a newly formed private real estate vehicle, the Singapore Central Private Real Estate Fund (SCPREF) , expected to start with more than S$8 billion in assets under management . [29]
Key details shaping feeling:
- The seed assets for the fund were described as having an attributable property value of S$3.9 billion (as at 30 Jun), representing about 3.2 million sq ft of office space. [30]
- Hong Kong Land said SCPREF’s launch AUM is expected to be more than double the value of the seed portfolio, with a further announcement on establishment expected in Q1 2026 . [31]
- The move aligns with the group’s longer-term ambition to grow total AUM to US$100 billion by 2035 . [32]
In “hot stock” trading, Business Times reported the counter rose as high as US$7.31 in the morning session after the fund news. [33]
2) Keppel REIT sinks on MBFC Tower 3 acquisition funding: heavy volume, sharp drop
Keppel REIT is one of today’s most actively traded names by both volume and value , and it is also one of the biggest decliners in the active list. [34]
The catalyst is the REIT’s decision to acquire an additional one-third interest in Marina Bay Financial Center (MBFC) Tower 3 at an agreed property value of S$1.45 billion . The Straits Times reported that Keppel REIT plans to fund the acquisition via an underwritten non-renounceable preferential offering to raise about S$886.3 million in gross proceeds. [35]
Notable timeline and terms (important for investors watching dilution and positioning):
- Entitled unitholders: 23 new units for every 100 existing units
- Offer price: S$0.96 per new unit
- Expected schedule: opens 26 Dec , closes 9 Jan , with new units expected to list 19 Jan
- Deal completion expected Dec 31 [36]
The REIT manager also cited a constructive office outlook, including that no new office projects are expected in the Marina Bay area between 2026 and 2029 , potentially supporting rents due to a prolonged supply lull. [37]
3) Sembcorp’s Alinta Energy acquisition: “half-full, half-empty” according to Citi
Sembcorp is among the top SGX counters by trading value today, and the stock is in focus after it agreed to acquire Australia’s Alinta Energy. [38]
Business Times reported Citi Research’s view that the acquisition is a “ half-full ” and “ half-empty ” deal — supportive on earnings but potentially a setback for decarbonization metrics due to coal exposure. [39]
Key points investors are weighing (from today’s broker commentary):
- Agreed enterprise value: A$6.5 billion , with A$5.6 billion paid in cash. [40]
- Citi highlighted that Alinta’s coal plant would “initially” push emissions intensity higher, with Business Times citing projections of emissions intensity rising to around 0.26 tCO₂e/MWh by 2035 , versus Sembcorp’s 2028 target of 0.15 tCO₂e/MWh . [41]
- On the bullish side, Citi framed the valuation as a discount versus Sembcorp’s own trading multiples and noted management’s commitment to maintain dividends of at least S$0.23 per share , with potential upside if earnings improve. [42]
Reuters also reported on the deal, describing it as Sembcorp’s move into Australia via a multi‑billion takeover of Alinta Energy. [43]
4) Seatrium rallies on TenneT contract; analysts see a stronger order trajectory into 2026
Seatrium is also among the most active SGX stocks today by both volume and value. [44]
The main catalyst is a contract win by the Seatrium–GE Vernova consortium for European transmission operator TenneT , related to connecting North Sea wind power to Germany’s grid. [45]
Today’s broker takes (published 12 Dec 2025) add a forward-looking layer:
- CGS International estimated the contract at about S$2 billion , with milestone-based payments and high single-digit gross margins. [46]
- The contract lifted Seatrium’s new contract wins for FY2025 to over S$4 billion . [47]
- Analysts flagged potential 2026 order wins of around S$6 billion (CGS International estimate) and maintained positive calls with target prices around S$2.65–S$2.67 (Citi/CGS). [48]
5) Singtel in focus amid IMDA fine; stock still among most active by value
Singtel is firmly in today’s “most active by value” list (and also highly active by volume), even as it digests regulatory headlines. [49]
A Business Times “stocks to watch” briefing flagged that IMDA imposed a S$1 million fine on Singtel tied to a 2024 voice disruption, a development likely to remain on traders’ radar today. [50]
Sector themes behind today’s SGX activity: real estate, rates, and “event trades”
Property and real estate: capital recycling and “platform” strategies
Real estate is not just a REIT story today — it is a platform strategy story:
- Hongkong Land is pivoting toward fund management via SCPREF (private fund structure), with a stated longer-term AUM growth ambition. [51]
- Keppel REIT is consolidating a prime CBD asset while simultaneously raising equity, which typically drives heavy trading volume and positioning adjustments. [52]
Separately, DBS Research’s latest sector view (highlighted by Business Times) takes a bullish stance on Singapore developers, lifting target prices and arguing that a lower interest rate environment and stronger capital markets could encourage value unlocking (including potential REIT spin-offs or stapled structures). [53]
Energy transition vs. emissions math: the Sembcorp debate
Sembcorp’s Alinta deal has become a live case study for how the market prices the trade-off between:
- near-term earnings accretion and portfolio scale , and
- near-term carbon intensity optics (even if renewables pipelines are large). [54]
This tension is likely to keep Sembcorp active as investors watch financing details, regulatory approvals, and how management frames coal exposure relative to renewables growth. [55]
Broader market backdrop on Dec 12, 2025: risk-on tone after Fed cut, but watch valuation nerves
Global sentiment matters for Singapore — especially for banks, REITs and large defensives.
Business Times reported Asian equities were higher this morning, following Wall Street’s record performance after the latest Fed cut, even as investors weighed concerns around elevated tech valuations after disappointing results from major US tech names. [56]
Reuters’ global markets wrap also pointed to modest gains in Asia and noted shifting expectations around the US rate path into next year — a macro channel that can influence rate-sensitive segments such as REITs and high-dividend stocks in Singapore. [57]
What to watch next: key dates and near-term catalysts (from today’s reporting)
- Keppel REIT corporate action calendar
- Preferential offering opens 26 Dec , closes 9 Jan , units expected to list 19 Jan ; MBFC stake deal expected to complete Dec 31 . [58]
- Hong Kong Land Fund Formation
- SCPREF on establishment expected Q1 2026 , with third-party announcement equity commitments described as nearing final documentation. [59]
- Sembcorp’s Alinta acquisition
- Watch for regulatory approvals and further detail on how the renewables pipeline and coal assets are managed against decarbonization targets; Citi and CGS target prices and dividend floor are key reference points traders will keep revisiting. [60]
- Seatrium’s order momentum
- Traders will track follow-on HVDC and offshore projects, while the market watches whether higher-margin post-merger work sustains the broker optimism into 2026. [61]
References
1. sginvestors.io, 2. www.businesstimes.com.sg, 3. sginvestors.io, 4. sginvestors.io, 5. sginvestors.io, 6. sginvestors.io, 7. sginvestors.io, 8. sginvestors.io, 9. sginvestors.io, 10. sginvestors.io, 11. sginvestors.io, 12. sginvestors.io, 13. sginvestors.io, 14. sginvestors.io, 15. sginvestors.io, 16. sginvestors.io, 17. sginvestors.io, 18. sginvestors.io, 19. sginvestors.io, 20. sginvestors.io, 21. sginvestors.io, 22. sginvestors.io, 23. sginvestors.io, 24. sginvestors.io, 25. sginvestors.io, 26. sginvestors.io, 27. sginvestors.io, 28. sginvestors.io, 29. www.businesstimes.com.sg, 30. www.businesstimes.com.sg, 31. www.businesstimes.com.sg, 32. www.businesstimes.com.sg, 33. www.businesstimes.com.sg, 34. sginvestors.io, 35. www.straitstimes.com, 36. www.straitstimes.com, 37. www.straitstimes.com, 38. sginvestors.io, 39. www.businesstimes.com.sg, 40. www.businesstimes.com.sg, 41. www.businesstimes.com.sg, 42. www.businesstimes.com.sg, 43. www.reuters.com, 44. sginvestors.io, 45. www.businesstimes.com.sg, 46. www.businesstimes.com.sg, 47. www.businesstimes.com.sg, 48. www.businesstimes.com.sg, 49. sginvestors.io, 50. www.businesstimes.com.sg, 51. www.businesstimes.com.sg, 52. www.straitstimes.com, 53. www.businesstimes.com.sg, 54. www.businesstimes.com.sg, 55. www.reuters.com, 56. www.businesstimes.com.sg, 57. www.reuters.com, 58. www.straitstimes.com, 59. www.businesstimes.com.sg, 60. www.businesstimes.com.sg, 61. www.businesstimes.com.sg
