Singapore Exchange Ltd (SGX: S68) sits in a sweet spot that investors love to argue about: it’s a “picks-and-shovels” play on markets. When people trade more (equities, futures, FX, commodities), SGX tends to earn more. When markets go quiet, earnings can soften. That simple idea is now colliding with a very busy news cycle—stronger recent trading activity, policy-driven attempts to reboot Singapore’s equity market, and SGX’s continued push into new products and infrastructure.
As of 17 December 2025, SGX shares were trading around S$16.72, down about 0.59% on the day, with roughly 912k shares traded by early afternoon Singapore time. [1]
Below is a full, publication-ready rundown of the latest developments, forecasts, and analyst views shaping the Singapore Exchange stock story right now.
SGX share price today: where Singapore Exchange stock stands on 17 Dec 2025
SGX shares were last quoted around S$16.72 on 17 Dec, with an intraday range near S$16.66–S$16.77 and the prior close at S$16.82, according to market pricing feeds. [2]
Zooming out slightly, the past month has shown SGX trading mostly in the mid-to-high S$16 range, briefly pushing up to S$17.00 earlier in the week before easing back. [3]
One more data point that matters for sentiment: MarketScreener’s snapshot shows SGX up about 31% since the start of 2025 (as of 17 Dec). [4]
That’s a strong run for a business that’s often viewed as steady, dividend-paying infrastructure rather than a high-octane growth rocket—so the obvious next question becomes: what’s powering the momentum, and can it last?
The biggest SGX stock catalyst right now: November trading activity stayed “robust”
SGX’s most recent monthly market update (covering November 2025) delivered exactly the kind of numbers that tend to perk up exchange-operator investors:
- Securities market turnover value rose 18% year-on-year to S$35.5 billion—noted as the “best traded value since April.”
- Securities daily average value (SDAV) jumped 24% year-on-year to S$1.8 billion.
- The Straits Times Index (STI) gained 2.2% month-on-month, with calendar YTD gains at 19% and total returns at 25%, and the STI hit a new high of 4,575.91 during the month. [5]
SGX’s monthly statistics tables also show November’s securities market turnover value at S$35,545 million and SDAV at S$1,777 million, alongside an overall turnover velocity rising to 45%. [6]
Why this matters for SGX stock: a meaningful portion of SGX revenue is linked to transaction activity across products (cash equities, derivatives, clearing, etc.). Stronger market turnover doesn’t automatically mean profits surge in lockstep—but it’s one of the cleanest “in the right direction” signals investors watch.
Beyond equities: derivatives, commodities, and crypto are increasingly part of the SGX story
SGX isn’t just the Singapore stock market; it’s a multi-asset marketplace. In the same November update, SGX highlighted continued engagement in several non-equity areas:
Commodities activity: risk management demand stays supportive
SGX reported commodity derivatives volume up 6% year-on-year to 5.3 million contracts in November, framing the increase as connected to “risk management activities amid geopolitical developments.” [7]
Crypto perpetual futures: early traction after the Nov 24 launch
One of SGX’s headline “new product” initiatives late in 2025 was the launch of bitcoin and ether perpetual futures for institutional and accredited investors. Reuters reported SGX planned the launch for 24 November 2025 and emphasized the institutional-only nature of access. [8]
In its November market update, SGX said the new crypto perpetuals saw a “warm reception,” with activity trending upward and average notional traded around US$100 million weekly in the first weeks after launch. [9]
For SGX investors, crypto derivatives are not a “bet the company” line item today—but they are strategically interesting. They potentially add a new, globally relevant product set that can diversify growth away from the relatively mature Singapore cash equity market.
Singapore’s equities-market reboot: why the Nasdaq “dual listing bridge” matters for SGX shares
A major narrative around SGX stock in 2025 has been the policy and ecosystem push to make Singapore’s equity market more attractive—especially for growth companies that might otherwise list in the U.S. or Hong Kong.
On 19 November 2025, Reuters reported that Singapore’s central bank said it would make it easier for companies to establish dual listings on SGX and Nasdaq, with a “dual listing bridge” expected to go live by mid-2026, targeting Asian companies with market capitalisation of at least S$2 billion. [10]
Legal and market-structure commentary around the same initiative underscores that the bridge is part of a broader “package” that includes measures aimed at liquidity and investor access—such as a S$30 million “Value Unlock” package, additional EQDP asset-manager allocations under a S$5 billion programme, and proposed board lot size reductions (for higher-priced securities) to lower minimum investment sizes for retail investors. [11]
Why this is SGX-stock relevant: listings and liquidity are tied together. More high-quality listings can create more trading activity, which can reinforce liquidity, which can make the venue more attractive to the next issuer. That flywheel is what Singapore is trying to restart.
This also helps explain why SGX stock tends to react not only to earnings, but also to policy headlines about market structure and capital-market competitiveness.
SGX tech upgrades: Iris-ST trading engine timeline is now clearer
Exchanges live and die by reliability, speed, risk controls, and market access. SGX has announced plans to introduce a new trading engine called Iris‑ST, with industry consultation open until 31 December 2025 and implementation expected in the second half of 2027. [12]
According to reporting in The Edge Singapore, Iris‑ST is expected to bring “new and improved” features ranging from new order types and risk controls to more intuitive counter codes, with SGX RegCo seeking feedback on rule amendments connected to the new functionality. [13]
This isn’t an overnight earnings catalyst—it’s more like long-horizon “plumbing.” But investors often give exchange operators credit for credible modernization plans because market share can be surprisingly sensitive to execution quality.
M&A rumours and denials: SGX pushes back on Cboe Australia talk
Early December brought a classic market distraction: acquisition speculation.
SGX said it was not exploring or considering an acquisition of Cboe Australia, responding to reporting suggesting preliminary talks had occurred. [14]
Reuters also noted SGX was not interested in Cboe Australia after local media reports, in a separate article about interest from other potential bidders for Cboe assets. [15]
For SGX shareholders, the key takeaway is less about the rumour itself and more about discipline: SGX publicly drew a line under the speculation, reducing the risk of a prolonged “will they / won’t they” overhang on the stock.
Fundamentals recap: record profit, IPO pipeline optimism, and dividends
Even though today’s market focus is on turnover and policy catalysts, SGX’s underlying profitability has already been improving.
Reuters reported that for the year ended June 2025, SGX posted adjusted net profit up 15.9% to S$609.5 million and revenue up 11.7% to S$1.30 billion, citing higher trading volumes across equities, currencies and commodities. The same report quoted SGX’s CEO describing the IPO pipeline as the “strongest in years,” with more than 30 companies actively preparing to go public. [16]
On shareholder returns, Reuters also reported SGX declared a final quarterly dividend of 10.5 Singapore cents per share and indicated plans to raise dividends by 0.25 cents each quarter from FY2026 to FY2028. [17]
Separately, dividend tracking data shows SGX’s last ex-dividend date as 6 Nov 2025 with a payment date of 14 Nov 2025, and a reported dividend amount around S$0.107 per share for that distribution. [18]
For income-oriented investors, this matters because SGX has historically been perceived as a “quality compounder + dividend” stock; a clear dividend-growth plan tends to reinforce that identity.
Analyst forecasts for SGX (S68): target prices, ratings, and what they imply
Broker targets reported locally
A consolidated list of research calls (as published by SG-focused market trackers) shows a spread of views, but a notable tilt toward “Buy/Accumulate” ratings among several houses. Recent entries include:
- DBS Research: Buy, target S$18.20 (11 Aug 2025)
- Maybank Research: Buy, target S$17.67 (20 Nov 2025)
- RHB Research: Neutral, target S$17.40 (12 Nov 2025)
- Phillip Securities: Accumulate, target S$16.90 (11 Aug 2025)
- UOB Kay Hian: Hold, target S$16.66 (11 Aug 2025)
- OCBC Investment: Hold, target S$14.78 (28 Apr 2025) [19]
At a share price around S$16.72, that target range implies anything from modest downside (if you weight the lower fair values more heavily) to decent upside (if the higher targets prove right)—with the “bull case” targets clustering in the high S$17 to low S$18 zone.
TipRanks “average target” snapshot
TipRanks shows an average price target of S$17.61 (based on a small number of analysts in its dataset), with a stated range of S$17.36 to S$17.87. [20]
Against S$16.72, S$17.61 is roughly 5% upside—not explosive, but meaningful for a mature exchange operator, especially if dividends are rising.
Independent “model-driven” valuation takes
Simply Wall St argued in a 14 Dec 2025 analysis that SGX’s liquidity push, crypto perpetual futures rollout, and the Nasdaq dual listing framework could strengthen the narrative—but also warned that improved volume conditions could normalize. The same piece references a fair value estimate around the mid-S$16s and community estimates that vary widely. [21]
This kind of model-driven analysis is useful as a “sanity check,” not a verdict: valuation depends heavily on how durable you think today’s activity levels will be.
The SGX bull case vs bear case, in plain English
The bull case for Singapore Exchange Ltd stock is basically a three-engine thesis:
- Higher activity = higher earnings power. November’s turnover and SDAV data support the idea that trading intensity has improved. [22]
- Policy support could rebuild the equity flywheel. The mid‑2026 Nasdaq dual listing bridge and related liquidity initiatives are explicitly designed to strengthen listings and investor participation. [23]
- Product expansion diversifies growth. Institutional crypto perpetuals and continued strength in commodities derivatives create additional avenues beyond Singapore cash equities. [24]
The bear case is less dramatic but worth respecting:
- Volumes can be cyclical. Exchange operators are famously exposed to market mood swings; strong turnover months can fade if volatility drops or risk appetite cools. [25]
- Listings are hard to “policy” into existence. Measures help, but issuers still choose venues based on valuation, liquidity, analyst coverage, and investor base depth. [26]
- Competition is real. Regional exchanges and alternative venues (plus the gravitational pull of U.S. markets for tech) remain structural challenges.
Macro backdrop on 17 Dec 2025: Singapore data is improving, but risks remain
Two Singapore macro headlines on 17 Dec are worth noting as “market tone” drivers:
- Singapore’s non-oil domestic exports rose 11.6% year-on-year in November, above a Reuters poll forecast of 7.0%, with pharmaceuticals leading and electronics also supportive. [27]
- A MAS survey showed economists raising their 2025 growth forecast (median reported at 4.1%), while expecting growth to moderate in 2026; respondents cited geopolitical tensions as a key downside risk. [28]
These don’t change SGX’s business model overnight—but they influence investor confidence, capital flows, and trading appetite. Exchanges are, in a very literal sense, monetized sentiment.
What to watch next for SGX (S68) investors
Over the coming weeks and months, SGX stock watchers will likely focus on:
- Monthly market statistics (turnover, SDAV, derivatives volumes): confirmation that November strength isn’t a one-off. [29]
- Progress signals on the Nasdaq dual listing bridge and the broader equities-market measures as implementation details evolve. [30]
- Crypto perpetual futures traction: whether volumes grow sustainably, and how SGX positions itself on product breadth and risk controls versus offshore competitors. [31]
- Iris‑ST consultation outcomes and milestones: market-structure changes can affect participation and liquidity over time. [32]
- Dividend follow-through: investors will watch whether the planned step-ups remain on track as market conditions change. [33]
Bottom line: SGX stock is being repriced as “revival + resilience” (but it still needs proof)
As of 17 December 2025, the Singapore Exchange investment narrative looks stronger than it did a year ago: turnover data is up, Singapore’s equities-market reforms are becoming more concrete, and SGX continues to build a broader multi-asset franchise (including institutional crypto derivatives). [34]
At roughly S$16.72, the stock is no longer “cheap by default,” and the market is demanding evidence that higher activity levels and listings momentum can persist. The good news is that—unlike many companies that require you to believe in distant science-fair prototypes—SGX’s scorecard updates every month in plain numbers: turnover, volume, listings, and derivatives activity.
References
1. classic.shareinvestor.com, 2. classic.shareinvestor.com, 3. www.investing.com, 4. www.marketscreener.com, 5. repository.shareinvestor.com, 6. repository.shareinvestor.com, 7. repository.shareinvestor.com, 8. www.reuters.com, 9. repository.shareinvestor.com, 10. www.reuters.com, 11. www.rajahtannasia.com, 12. www.theedgesingapore.com, 13. www.theedgesingapore.com, 14. www.straitstimes.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.tipranks.com, 19. sginvestors.io, 20. www.tipranks.com, 21. simplywall.st, 22. repository.shareinvestor.com, 23. www.reuters.com, 24. www.reuters.com, 25. simplywall.st, 26. www.twobirds.com, 27. www.reuters.com, 28. www.reuters.com, 29. repository.shareinvestor.com, 30. www.reuters.com, 31. repository.shareinvestor.com, 32. www.theedgesingapore.com, 33. www.reuters.com, 34. repository.shareinvestor.com
