SINGAPORE (Dec 25, 2025) — Singapore’s stock market is closed today as the city-state marks Christmas Day, a gazetted public holiday. [1]
With no cash equities trading on the Singapore Exchange (SGX) this Thursday, investors are using the pause to digest the latest Straits Times Index (STI) action from Christmas Eve, assess the inflation signal that helped push the benchmark to fresh levels earlier this week, and line up expectations for 2026 as sell-side and private-bank strategists publish increasingly detailed roadmaps for Singapore equities. [2]
SGX trading pause: why the market is shut today
Christmas Day (Thursday, Dec 25, 2025) is a national public holiday in Singapore, and market participants broadly expect no SGX securities trading during the holiday. [3]
That closure comes after an already shortened lead-in to the festive break, with Christmas Eve typically seeing lighter participation and reduced risk-taking across regional markets. [4]
Singapore stocks into the break: STI slips 0.06% on Christmas Eve
In the last session before today’s holiday, Singapore shares ended slightly lower on Wednesday (Dec 24).
- STI: down 0.06% (down 2.63 points) to 4,636.34
- iEdge Singapore Next 50: up 0.1% (up 1.61 points) to 1,448.61 [5]
Even with the modest dip, the broader tone remained resilient after the benchmark had posted a stronger move earlier in the week.
Market breadth and activity
Trading was subdued heading into the holiday, but the internal market picture leaned positive:
- Advancers:235
- Decliners:167
- Volume: about 477.8 million securities
- Turnover: about S$496.3 million [6]
Notable STI movers: REITs firm, ST Engineering softer
Among blue chips:
- Frasers Logistics & Commercial Trust was the top gainer, up 1% to 99.5 cents. [7]
- ST Engineering was the biggest decliner, down 1.3% to S$8.35. [8]
On activity, Genting Singapore was the most traded counter by volume, with roughly 20.8 million shares changing hands (about S$15.1 million in value). [9]
Banks mixed into the close — still a major 2026 conversation
In the Christmas Eve session, the local banks finished mixed:
- UOB: up 0.1% to S$35.03
- OCBC: down 0.6% to S$19.78
- DBS: down 0.1% to S$56.30 [10]
Yet stepping back from a single day, banks remain central to Singapore’s equity narrative, especially as investors debate how quickly margins compress in a lower-rate world versus how much fee and wealth income can offset the drift.
The prior catalyst: inflation stayed steady — and the STI jumped 0.6% on Dec 23
The most recent “macro spark” for Singapore equities came earlier in the week.
On Tuesday (Dec 23), Singapore stocks closed higher after authorities maintained their full-year inflation forecasts, with data showing:
- Core inflation:1.2% in November (same as October)
- Headline inflation:1.2% in November (same as October) [11]
That session saw the benchmark:
- STI: up 0.6% (up 28.68 points) to 4,638.97 [12]
Leaders and laggards in that move were also clearly defined:
- Top blue-chip gainer:SATS, up 1.6% to S$3.81
- Largest decliner:DFI Retail Group, down 2.2% to US$3.96 [13]
And the “most active” counter by volume in that session was CapitaLand Integrated Commercial Trust, with about 19.6 million units traded (about S$46.2 million). [14]
Global markets today: thin holiday trading across Asia, “Santa rally” mood in the US
Because SGX is shut, Singapore investors are leaning more heavily on global cues.
Across Asia on Dec 25, trading was thin and mixed, with several markets closed for Christmas. Japan’s Nikkei was slightly lower, while Chinese shares were supported by signals around maintaining liquidity conditions; many other Asian markets were shut for the holiday. [15]
In the US, the most recent “tape” was Christmas Eve’s shortened session, where US stocks finished higher and major benchmarks notched record closes—reinforcing the year-end “Santa rally” narrative even as participation thins into late December. [16]
For Singapore, that matters because a firm Wall Street backdrop often supports risk appetite when SGX reopens—especially for globally exposed Singapore names in tech-linked manufacturing, transport, and offshore & marine supply chains.
Sector lens: what Singapore investors are debating heading into 2026
1) Banks: record highs for some — but margins are the pressure point
One of the most watched themes into year-end is whether the bank rally can extend in 2026.
A recent deep dive noted that DBS and OCBC traded at record highs into late December, with DBS around S$55 and OCBC above S$19 as of Dec 19, translating to year-to-date gains of more than 25% for DBS and more than 15% for OCBC. [17]
The same analysis flagged a key tension:
- Net interest margins (NIMs) are under pressure as rates fall and repricing dynamics shift
- But non-interest income has provided meaningful support (especially for DBS and OCBC) [18]
In other words: 2026 bank performance may hinge less on the “old” rate story and more on wealth, fees, deposits, cost discipline, and capital return.
2) REITs: income remains a pillar, with selective upside if borrowing costs ease
Even in a muted Dec 24 session, a REIT—Frasers Logistics & Commercial Trust—led STI gainers. [19]
Strategists also continue to pitch Singapore’s equity market as an income-oriented destination where dividend yields and perceived stability stay attractive, particularly if financing conditions improve.
3) Industrials and “Singapore Inc” defensives: watched for earnings resilience
The Dec 24 session’s biggest STI decliner, ST Engineering, is also repeatedly cited in 2026 outlook lists—an example of a stock that can be volatile day-to-day but remains strategically important in medium-term positioning. [20]
2026 forecasts and outlooks: the big calls shaping sentiment right now
With SGX closed today, the most actionable “Singapore stock market” content is coming from strategy notes and 2026 outlook pieces.
DBS: STI end-2026 target 4,880; earnings growth led by financials, industrials and TMT
DBS’s latest Singapore equity outlook sets out a measurable year-end target and a sector roadmap:
- STI end-2026 target:4,880
- FY26F earnings growth:8.8%, led by financials, industrials and TMT [21]
DBS also frames positioning around:
- “Secular winners” aligned to longer-run themes
- Continued attention on small- and mid-caps as “easy money” fades, with value-unlocking and income still in focus [22]
JPMorgan: Singapore equities have a “long way to go”; names 7 top picks
JPMorgan’s regional outlook argues that ASEAN equities could be at an inflection point in 2026 and that Singapore’s market still has runway—particularly due to policy-linked market development efforts and the possibility of renewed inflows. [23]
Key points highlighted include:
- Global funds are under-positioned, with potential upside as allocations rebalance
- A S$70 billion cash pile could begin rotating from deposits into equities
- The firm’s top Singapore picks for 2026 include DBS, Keppel, City Developments, CapitaLand Integrated Commercial Trust, ST Engineering, Sea, and Singtel [24]
JPMorgan also explicitly ties its optimism to value-unlocking initiatives and market revitalisation measures that are expected to lift listings and trading activity over time. [25]
OCBC: “overweight” call, with dividends and valuation support
OCBC’s house view remains constructive, arguing that even after strong 2025 performance, Singapore equities are “still not expensive” on the STI’s valuation metrics. It also points to sharply lower domestic interest rates and blue-chip dividend yields (described as just under 5% on average) as reasons to stay positive. [26]
What happens next: a practical watchlist for when SGX reopens
While Singapore’s stock market is quiet today, investors are already positioning for the next active session. Here are the themes likely to dominate the first trading day back:
- US-led risk appetite: whether Wall Street’s year-end momentum continues after the holiday closure, helping Asia sentiment. [27]
- Bank leadership vs. rotation: whether investors keep leaning into large-cap banks despite margin pressure concerns, or rotate into laggards and cyclicals. [28]
- Dividend and yield trade durability: whether REITs and other income names hold bids as investors lock in 2026 income strategies. [29]
- Policy and market-structure tailwinds: ongoing focus on Singapore equity market revitalisation measures and whether they translate into broader participation beyond the STI heavyweights. [30]
- China signals and regional liquidity: given holiday-thinned conditions, any clear policy messaging out of China can have an outsized impact on regional flows. [31]
Bottom line for Singapore stock market today
Because SGX is closed on Dec 25, 2025, “Singapore stock market today” is less about intraday price action and more about where the market left off (STI 4,636.34) and where leading institutions see it heading next (DBS: 4,880 end-2026; JPMorgan: more runway with policy and flow support; OCBC: valuation and dividends remain attractive). [32]
When trading resumes, the immediate question is whether Singapore equities extend their late-2025 strength into a new year driven by income demand, market reform optimism, and selective growth exposure—or whether the first meaningful pullback of 2026 finally arrives after a remarkably strong run. [33]
References
1. www.mom.gov.sg, 2. www.businesstimes.com.sg, 3. www.mom.gov.sg, 4. www.businesstimes.com.sg, 5. www.businesstimes.com.sg, 6. www.businesstimes.com.sg, 7. www.businesstimes.com.sg, 8. www.businesstimes.com.sg, 9. www.businesstimes.com.sg, 10. www.businesstimes.com.sg, 11. www.businesstimes.com.sg, 12. www.businesstimes.com.sg, 13. www.businesstimes.com.sg, 14. www.businesstimes.com.sg, 15. apnews.com, 16. www.reuters.com, 17. www.businesstimes.com.sg, 18. www.businesstimes.com.sg, 19. www.businesstimes.com.sg, 20. www.businesstimes.com.sg, 21. www.dbs.com.sg, 22. www.dbs.com.sg, 23. www.businesstimes.com.sg, 24. www.businesstimes.com.sg, 25. www.theedgesingapore.com, 26. www.ocbc.com, 27. www.reuters.com, 28. www.businesstimes.com.sg, 29. www.ocbc.com, 30. www.businesstimes.com.sg, 31. apnews.com, 32. www.businesstimes.com.sg, 33. www.businesstimes.com.sg
