As Singapore’s stock market heads into Tuesday’s session (25 November 2025), investors are digesting a potent mix of fresh MAS–SGX reforms, upgraded growth forecasts, new crypto derivatives on SGX, and a risk‑on rebound in global markets.
The Straits Times Index (STI) just logged a solid gain on Monday and remains not far from the record it set earlier this month, while Wall Street and Asian peers are being driven by hopes of another US Federal Reserve rate cut in December. [1]
Here are the 10 key things traders and investors will want to know before the opening bell on SGX at 9am SGT.
1. STI closed higher on Monday, breadth was healthy
On Monday, 24 November, the STI rose 0.6% (up 27.49 points) to close at 4,496.63, with the broader FTSE ST All‑Share Index also up about 0.6%. Mid‑caps and small caps gained around 0.3–0.4%, while the Catalist index was roughly flat. [2]
Market breadth was positive: 336 gainers vs 238 losers, with about 2.1 billion securities worth S$3.2 billion changing hands – a decent turnover for a Monday. [3]
The STI is still trading only a couple of percentage points below its all‑time high near 4,576 set in mid‑November, keeping Singapore firmly in the camp of Asia’s outperforming equity markets this year. [4]
Key movers on Monday:
- Jardine Matheson surged about 8.7% to US$67.56, making it the top STI gainer after a reassuring quarterly update (more on that below). [5]
- Singapore Exchange (SGX) was the worst STI performer, slipping about 1.1% to S$16.54, likely reflecting some profit‑taking after recent gains and the market’s digestion of new equity‑market reforms and crypto products. [6]
- The big three banks were mixed: OCBC and UOB eked out small gains, while DBS dipped around 0.5%. [7]
For Tuesday’s open, markets will be watching whether Monday’s broad‑based advance can extend, especially if global risk appetite stays constructive overnight.
2. Singapore just upgraded its 2025 growth forecast
One of the strongest tailwinds for local equities right now is the recent upgrade to Singapore’s 2025 GDP outlook:
- The government has raised its 2025 GDP growth forecast to “around 4%”, almost doubling the previous 1.5–2.5% range. [8]
- The revision reflects stronger‑than‑expected exports, including AI‑related demand, resilient manufacturing, and improving retail and accommodation activity. [9]
- For 2026, growth is projected at 1–3%, with officials warning that global uncertainty – including US tariffs and trade tensions – could weigh on momentum. [10]
Equity strategists have flagged this combination of upgraded growth plus ongoing market reforms as an important backdrop for Singapore stocks, particularly small‑ and mid‑caps that could benefit from stronger domestic demand and improved liquidity. [11]
3. MAS–SGX equity market reforms remain a key medium‑term driver
A major story for Singapore equities into 2025–2026 is the package of reforms coming out of the MAS Equities Market Review and SGX’s follow‑through. Recent announcements include: [12]
- SGX–Nasdaq “dual‑listing bridge”
- A new framework will allow qualifying Asian companies (≥S$2 billion market cap) to pursue dual listings on SGX and Nasdaq using a single prospectus and streamlined review.
- The bridge is targeted to go live around mid‑2026, aiming to attract high‑growth tech and healthcare names to list – or relist – in Singapore while still tapping deep US capital pools.
- S$5 billion Equity Market Development Programme (EQDP)
- MAS has allocated S$2.85 billion to a second batch of six asset managers (Amova, AR Capital, BlackRock, Eastspring, Lion Global and Manulife IM), bringing total allocations under the programme to nearly S$4 billion so far. [13]
- These managers are mandated to invest across the Singapore equity market, with a focus on small‑ and mid‑caps, providing additional liquidity and potentially supporting valuations in less‑covered names. [14]
- Board‑lot size cut for high‑priced shares
- SGX plans to reduce the board‑lot size from 100 shares to 10 shares for securities priced above S$10 – including major banks and blue chips. [15]
- This dramatically lowers the minimum ticket size (for example, a board lot of DBS falls from over S$5,300 to around S$540 at current prices), improving access for retail investors and potentially boosting trading activity. [16]
- “Value Unlock” and investor‑engagement grants
- A S$30 million “Value Unlock” programme and related initiatives aim to help listed companies improve investor communication, corporate actions and capital management, with the goal of narrowing valuation gaps and encouraging more proactive IR. [17]
On Monday, analysts at Phillip Securities explicitly tied the STI’s resilience and breadth of gains to these reforms and the upgraded GDP forecast, calling recent weakness in smaller names a potential “buying opportunity” ahead of renewed liquidity flows. [18]
4. SGX launches Bitcoin & Ethereum perpetual futures today
Another structural shift to watch as you go into Tuesday’s session is SGX’s move deeper into digital‑asset derivatives:
- Bitcoin and Ethereum perpetual futures go live on 24 November on SGX’s derivatives platform (so they will have their first full day of trading as the equity market opens on 25 November). [19]
- These contracts:
- Have no expiry dates and use a funding‑rate mechanism to keep futures prices aligned with the underlying crypto indices.
- Are benchmarked to iEdge CoinDesk Crypto Indices, providing institutional‑grade reference rates for BTC and ETH. [20]
- Are designed for institutional, accredited and expert investors, with SGX emphasising robust clearing and margin standards akin to other listed derivatives. [21]
Perpetual futures already account for over US$180 billion in average daily volume globally, much of it on offshore platforms. SGX is positioning itself as a regulated Asian hub for these flows, which could eventually boost derivatives volumes and support the exchange’s earnings – even though SGX’s own share price slipped on Monday after an earlier run‑up. [22]
This launch also aligns with Singapore’s broader digital‑asset roadmap, including tokenised MAS bills and wholesale CBDC pilots (see next section). [23]
5. Stablecoin and CBDC work keeps Singapore at the forefront of tokenised finance
Alongside SGX’s crypto derivatives push, Singapore is nearing finalisation of its stablecoin framework, reinforcing its status as an Asia‑Pacific leader in regulated digital finance: [24]
- MAS has been refining stablecoin rules since a 2022 consultation and finalised a core framework in August 2023 for single‑currency stablecoins pegged to SGD or G10 currencies.
- Regulators are now preparing draft legislation to embed stablecoin rules and expand CBDC trials, including tokenised versions of MAS bills used in interbank transactions.
- Singapore’s three major banks – DBS, OCBC and UOB – have already conducted overnight interbank lending using a wholesale CBDC in pilot projects, demonstrating real‑world applications of tokenised central‑bank money. [25]
MAS managing director Chia Der Jiun recently emphasised that tokenisation is “no longer experimental” and is becoming part of mainstream finance, a message that complements SGX’s crypto derivatives and could support the long‑term growth of Singapore’s fintech and capital‑markets ecosystem. [26]
For equity investors, this strengthens the case for banks, brokers, exchanges and fintech names that stand to benefit from Singapore’s role as a digital‑asset hub, even if day‑to‑day share prices remain volatile.
6. Global backdrop: Fed cut hopes, AI volatility and a risk‑on turn
Overnight cues heading into Tuesday’s Singapore session are broadly supportive, albeit with lingering volatility:
- Wall Street
- Global equities advanced for a second straight session on Monday, helped by lower US Treasury yields and rising odds of another 25‑basis‑point Fed rate cut in December. [27]
- After New York Fed President John Williams signalled “room for a further adjustment” in rates last week, futures markets now price roughly a 70%+ chance of a December cut, up from about 40% previously. [28]
- US indices had finished last Friday sharply higher – the S&P 500 up about 1%, the Dow 1.1% and the Nasdaq roughly 0.9% – even though the week as a whole was negative amid sharp swings in AI‑linked tech stocks. [29]
- Asia on Monday
- Asian shares were mostly higher with Hong Kong’s Hang Seng up around 1.3–2%, boosted by a 4–5% jump in Alibaba on optimism about demand for its Qwen AI app. [30]
- Australia’s S&P/ASX 200 gained about 1.1%, South Korea’s Kospi rose as tech volatility eased, while China’s Shanghai Composite slipped around 0.3%, highlighting ongoing concerns about mainland growth. [31]
- Japan’s markets were closed for a holiday. [32]
- Volatility and AI concerns
- IG’s weekly Market Navigator flagged how US tech stocks recently saw a ~3% pullback and Asian equities endured a sell‑off tied to concerns that AI‑related valuations had run too far. [33]
- The week ahead is expected to turn on a set of US inflation and activity data and China’s official PMIs, which could either reinforce or challenge the risk‑on mood. [34]
In short, external cues are currently supportive for risk assets, but the rally rests heavily on the assumption that the Fed can cut rates again without reigniting inflation – a key point for Singapore’s rate‑sensitive REITs, banks and high‑dividend names.
7. FX and rates: Singapore dollar firmer as US yields ease
The Singapore dollar (SGD) has been relatively steady but slightly firmer as global yields moved lower and Fed cut expectations rose:
- The USD/SGD rate slipped to around 1.305 on 24 November, down roughly 0.15–0.2% from the prior session. [35]
- Over 2025 to date, the US dollar is down about 4–5% versus SGD, underscoring Singapore’s position as a comparatively resilient, low‑inflation market. [36]
For equities:
- A firmer SGD tends to be modestly negative for exporters but supportive for REITs and domestically focused companies by easing imported‑inflation pressures and keeping funding costs in check.
- Lower global yields – if sustained – help underpin yield plays such as REITs, telcos and utilities, all of which saw gains in Monday’s session (for example, several major REITs, Singtel and ST Engineering all closed higher). [37]
8. Key Singapore stocks and corporate stories to watch
Several company‑specific developments from 24 November could influence trading interest when SGX opens on Tuesday:
Jardine Matheson & Mandarin Oriental
The Business Times “stocks to watch” list highlighted Jardine Matheson and Mandarin Oriental after fresh disclosures: [38]
- Jardine Matheson
- Reported that its Q3 2025 performance was in line with first‑half expectations and kept full‑year profit guidance unchanged.
- The conglomerate continues to de‑lever its balance sheet, with net debt around US$25 million as of end‑October after dividend flows.
- The stock had fallen on Friday but then soared 8.7% on Monday, leading the STI; traders will watch whether momentum continues or cools on profit taking.
- Mandarin Oriental
- Undergoing a privatisation bid from majority shareholder Jardine Matheson.
- Reported “stable” underlying Q3 net profit and marginal EBITDA growth compared with a year earlier.
- Shares were flat on Friday; any follow‑through buying on Monday’s news could spill into Tuesday’s trade.
Murata Manufacturing delisting
- Murata Manufacturing Co. has announced a voluntary delisting from SGX‑ST, with last trading day on 24 November and official delisting on 5 December 2025. [39]
- Any final repositioning by investors should largely have been completed by Monday’s close, but the removal of Murata from the local board slightly shrinks the pool of SGX‑listed foreign industrial names.
Other names on radar
- BRC Asia and Lum Chang Creations were also flagged by local media as “stocks to watch” for Monday, suggesting that building‑materials and construction‑linked counters may stay in focus as investors position for infrastructure and property cycles. [40]
- Within the STI, REITs (such as CapitaLand Ascendas, Mapletree Logistics and CapitaLand Integrated Commercial Trust), Singtel, Keppel and ST Engineering all posted gains on Monday and may continue to attract flows if bond yields remain subdued. [41]
9. IPO and listing pipeline: UltraGreen.ai and spin‑offs
Even with Murata exiting, Singapore’s IPO and listing pipeline remains active and is part of the bullish story for SGX:
- UltraGreen.ai, a medical‑imaging and fluorescence‑guided surgery company, plans to list on the SGX mainboard on 3 December, targeting a market capitalisation of around US$1.6 billion at its offer price. Cornerstone investors include abrdn Asia, AIA Investment Management, Eastspring, HSBC Global Asset Management and Lion Global Investors, underscoring institutional appetite for high‑growth healthcare and AI‑exposed names. [42]
- Yangzijiang Maritime, the spin‑off from Yangzijiang Financial, debuted on SGX on 18 November, adding another shipping‑related name to the local bourse and offering investors a more focused play on maritime services. [43]
Singapore has already topped Southeast Asia in IPO fund‑raising this year, helped by REIT listings and these new‑economy offerings – a trend MAS and SGX hope to extend through their dual‑listing bridge and market‑development programmes. [44]
10. The macro week ahead: data and risks that could move Singapore stocks
Finally, as you plan your strategy for Tuesday and the rest of the week, keep an eye on the macro calendar and risk factors that could affect Singapore’s open:
Data and events to watch
Global research houses highlight several key releases this week: [45]
- United States
- Producer Price Index (PPI) and retail sales figures: softer‑than‑expected numbers would reinforce expectations of a December rate cut; stronger data could revive fears of a “higher for longer” Fed and pressure risk assets.
- Conference Board consumer confidence, regional Fed business surveys and Case‑Shiller house‑price data provide additional clues on the health of the US consumer heading into the holiday season.
- US markets will be closed Thursday for Thanksgiving, with reduced liquidity around Black Friday and Cyber Monday, which can exaggerate moves in futures and FX. [46]
- China & Asia
- Official NBS manufacturing and services PMIs, plus industrial‑profit data, are due and will be scrutinised for signs of stabilisation (or renewed weakness) in China’s growth. [47]
- Japan releases industrial production, retail sales and unemployment data, crucial for assessing whether recent weakness in GDP is temporary or more structural – and, in turn, what the Bank of Japan might do next. [48]
- Europe & UK
- The UK Autumn Budget is under the spotlight, with bond markets watching for credible fiscal consolidation after higher‑than‑expected borrowing figures. [49]
Any upside surprises in US inflation or downside surprises in Chinese PMIs could trigger a risk‑off reversal, weighing on Asian equities including Singapore.
Structural risks for emerging Asia
Beyond the week‑to‑week data flow, central bankers in the region are increasingly focused on “unprecedented” trade and supply‑chain shocks:
- A former Bank of Thailand governor warned at a recent symposium that emerging Asian economies face growing vulnerability to trade disruptions, demographic changes and climate‑related supply shocks, which are harder for monetary policy to manage than traditional demand shocks. [50]
For Singapore – a trade‑dependent hub – this underscores the importance of strong banking‑sector buffers, ample FX reserves and the kind of policy flexibility MAS has been stressing.
Bottom line: what this means for Singapore’s open on 25 November
Going into Tuesday’s session, the setup for Singapore stocks is cautiously constructive:
- Domestic fundamentals look solid, with a beefed‑up 4% GDP growth forecast for 2025 and an ambitious package of market‑development reforms and digital‑asset initiatives that support the structural bull case for SGX and broader Singapore Inc. [51]
- Global risk appetite is improving as investors bet on another Fed rate cut in December, pushing yields down and supporting high‑dividend and rate‑sensitive sectors like REITs, banks and telcos – all pillars of the STI. [52]
- Crypto and tokenisation themes are gaining institutional traction through SGX’s new BTC/ETH perpetual futures and MAS’s stablecoin/CBDC roadmap, potentially lifting sentiment toward exchanges, banks and fintech players over time. [53]
- Stock‑specific stories – from Jardine Matheson’s rally and Mandarin Oriental’s privatisation to Murata’s delisting and the upcoming UltraGreen.ai IPO – give traders a busy slate of names to watch at the open. [54]
At the same time, risks remain: AI‑heavy tech valuations in the US are still under scrutiny, Chinese data could disappoint, and trade‑related shocks across emerging Asia are a lingering structural concern. [55]
As always, this article is for general information only and does not constitute investment advice. If you’re positioning for Tuesday’s open, consider your own risk tolerance, investment horizon and need for professional advice before acting on any of these themes.
References
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