Singapore, Jan 26, 2026, 15:16 (SGT) — Regular session
Shares of Singapore Exchange Ltd slipped 0.3% to S$17.46 in Monday afternoon trading, pulling back after a solid rally that lifted the stock roughly 42% over the last 12 months. Trading volume was subdued, with around 913,000 shares changing hands compared to an average of about 1.8 million. (StockAnalysis)
The dip followed comments from SGX CEO Loh Boon Chye, who said the exchange aims to expand cross-listing with Shanghai and Shenzhen. He also mentioned they’re open to partnerships with Hong Kong Exchanges and Clearing. “Connectivity… is the new architecture for capital markets,” Loh told the South China Morning Post, though he added there’s “no concrete plan” yet for collaboration with HKEX.
Why it matters now: SGX is seen as a stand-in for rising trading activity as investors wager that cross-border flows and fresh product offerings will sustain volumes, even if cash equities lose momentum. The share price hovers close to its 52-week peak, meaning the hurdle for further gains is quite steep.
Loh’s remarks come as Asian exchange operators ramp up the race for listings, data, and derivatives flow—not just daily turnover. Talks of mergers and partnerships face swift scrutiny: will they deliver fresh products and issuers, or merely another memorandum?
SGX Regulation is pushing reforms to lure more small investors into pricier stocks. On Jan 23, it asked for feedback on lowering the standard “board lot” — the typical share quantity in a trade — to 10 units for shares priced between S$10 and S$100, and just one unit for those above S$100. “We want to enhance accessibility and broaden participation,” said Ng Yao Loong, head of equities at SGX Group. Responses are due by Feb 13, with changes likely to roll out by mid-2026 if approved. (The Business Times)
The broader Singapore market slipped. By midday, the Straits Times Index had dropped roughly 0.3%, putting pressure on several local financial stocks following a run of record highs. (The Wall Street Journal)
Investors have heard the buzz around “connectivity” plenty of times, but the payoff can drag. Cross-border links depend heavily on regulators, tech infrastructure, and whether issuers actually take advantage of the channels.
The downside is straightforward: if volatility drops and trading volumes decline, SGX’s earnings could fall short—even if operations run smoothly. The board-lot proposal might also draw resistance from market segments concerned about increased retail churn or potential operational hiccups.
SGX’s first-half FY2026 results will drop before the market opens on Feb 5. Loh and CFO Daniel Koh are set to update investors at 9 a.m. Singapore time. (Sgx)
