Singapore’s stock market inched higher on Thursday, 20 November 2025, as investors digested fresh reforms to the local equities market, a cut to SGX board-lot sizes, and a powerful global tech rally triggered by Nvidia’s blockbuster earnings.
As of late afternoon, the Straits Times Index (STI) traded around 4,512 points, up about 0.15% from Wednesday’s close of 4,505.22, keeping the benchmark near record territory. MarketWatch
STI climbs with Asia as Nvidia fuels global risk-on mood
Asian equities started the day on the front foot after Nvidia’s latest results and outlook reignited enthusiasm for AI-related stocks. A regional relief rally saw MSCI’s broad Asia-Pacific index (ex-Japan) up around 1.1%, with tech-heavy markets in Japan, South Korea and Taiwan leading gains. Reuters
Singapore joined the move. At 9:04 a.m., the STI opened higher at 4,514.58, up 0.21%, with 133 gainers versus 47 losers and turnover of about S$150 million in early trade. BusinessToday
Futures data on SGX pointed to cautiously optimistic sentiment across the region, with contracts on the FTSE China A50, Nikkei 225 and FTSE Taiwan indices all in positive territory during the morning session. BusinessToday
Although gains moderated as the day went on, the STI’s advance built on Wednesday’s flat but resilient close, when the index ended at 4,505.22 amid mixed regional trading. Magzter
Big structural story: MAS completes Equities Market Review
Beyond daily price moves, market structure reform was the dominant domestic theme for Singapore equities today.
The Monetary Authority of Singapore (MAS) announced that it has completed its Equities Market Review and unveiled a package of measures aimed at strengthening the competitiveness and liquidity of the Singapore market. Key initiatives include: Caproasia
- Dual listing bridge between SGX and Nasdaq
- A new “dual listing bridge” will allow qualified companies (roughly S$2 billion market cap and above) with an Asian nexus to seek a dual listing on both SGX and Nasdaq using a harmonised framework and a single set of offering documents, once regulatory processes are completed. Caproasia
- “Value Unlock” programme – S$30 million to support listed companies
- MAS will deploy S$30 million from the Financial Sector Development Fund to help issuers improve capital optimisation, corporate strategy and investor relations, and to deepen research coverage and investor outreach. Caproasia
- S$2.85 billion allocated to six asset managers under the Equity Market Development Programme (EQDP)
- The second batch of EQDP appointments channels S$2.85 billion into six managers – Amova Asset Management, AR Capital, BlackRock, Eastspring Investments, Lion Global Investors and Manulife Investment Management – with mandates focused on Singapore equities and IPO participation. Caproasia
- Trading and market structure enhancements
- MAS and SGX will introduce incentives for market makers focused on newly listed and small/mid-cap stocks, and modernise the post-trade custody model to lower costs and improve efficiency. Plans also include reducing board-lot sizes, which fed directly into one of today’s most discussed stock-specific developments. Caproasia
Collectively, these steps are designed to attract more listings, deepen liquidity and make the Singapore market more accessible to both issuers and investors over the medium term.
SGX board-lot size cut: blue chips become more accessible
In a move closely tied to the MAS review, the Singapore Exchange (SGX) confirmed it plans to reduce the minimum board-lot size from 100 units to 10 units for securities priced above S$10. The Business Times
Key details: The Business Times
- Applies to ordinary shares, REITs, business trusts, company warrants, rights and depository receipts trading above S$10.
- The change aims to improve affordability of high-priced counters, broaden retail participation and make it easier to build diversified portfolios.
- Examples of affected names include DBS, UOB, OCBC, Haw Par and Jardine Cycle & Carriage, many of which traded actively today.
Under the new regime, a lot of 10 DBS shares at around S$53–54 would require roughly S$530–540, instead of over S$5,300 under the current 100-share lot structure. The Business Times
Investors appear to be positioning ahead of the change, with SGX itself and bank stocks among today’s notable gainers. SG Investors
Sector moves: banks and SGX lead, telco and transport lag
Financials and exchange stocks in focus
According to SGinvestors’ market data for 20 November 2025, several blue-chip financials and SGX featured prominently among the top dollar gainers: SG Investors
- Singapore Exchange (S68)
- Last traded: S$16.98, up 1.07%
- One of the top value gainers, supported by optimism that MAS reforms and the board-lot cut will lift trading volumes and make SGX a more attractive venue for global issuers.
- DBS Group Holdings (D05)
- Last traded: S$53.85, up 0.28%, with over 3 million shares changing hands.
- OCBC (O39) and UOB (U11)
- Both advanced modestly, extending a strong 2025 performance supported by healthy loan growth and dividend appeal. OCBC closed at S$18.26 (+0.55%) while UOB finished at S$33.90 (+0.18%). SG Investors
The combination of solid bank earnings, yield appeal and expectations of higher market activity under MAS’s EQDP and SGX reforms helped keep financials well-bid.
REITs and yield plays benefit from policy backdrop
In the morning session, the iEdge S-REIT Index also ticked higher, reflecting continued investor appetite for income-generating Singapore REITs, especially as MAS channels more institutional capital towards local equities. BusinessToday
Among individual counters:
- Keppel DC REIT gained about 1.3% to S$2.35, while
- Centurion Accommodation REIT climbed around 3.6% to S$1.14. SG Investors
These moves align with a broader 2025 trend where high-yield Singapore stocks and REITs have attracted global inflows as investors sought relative safety amid geopolitical and tariff uncertainties. ASEAN Briefing
Telco and aviation services drag on STI
On the downside, some dividend counters and transport-related names traded ex-dividend or faced profit-taking:
- Singtel (Z74)
- Price: S$4.81, down 1.03%
- Went ex-dividend today for a S$0.082 per share payout, a mechanical adjustment that typically shaves roughly the dividend amount off the share price. Tiger Brokers
- SATS (S58)
- Price: S$3.39, down 1.17%
- Also traded ex-dividend for a S$0.02 interim dividend and reacted to fresh quarterly results (see next section). Tiger Brokers
- Wilmar International (F34) and JB Foods (BEW)
- Both featured on the top losers list, down 0.9% and 4.2% respectively, as commodity-linked names continued to face price volatility and margin concerns. SG Investors
- Boustead Singapore (F9D)
- Slipped about 1.75% to S$1.68, with the group’s US-traded shares flagged as going ex-dividend on 20 November 2025 for a US$0.01154 payout. SG Investors
Taken together, these declines in defensive dividend names helped cap the STI’s upside even as cyclicals and financials advanced.
SATS earnings: double-digit profit growth, but shares slip
A key stock-specific story for the day was SATS Ltd, the air cargo handling and airline catering group.
SATS reported 2Q FY26 (quarter ended 30 September 2025) results showing: Laotian Times
- Revenue: S$1.57 billion, up 8.4% year-on-year
- EBITDA: S$307.4 million, up 15.7%, with margins improving from 18.3% to 19.6%
- PATMI: S$78.9 million, an increase of 13.3% versus 2Q FY25
- Interim dividend:S$0.02 per share, with book closure on 24 November and payment scheduled for 5 December.
The company highlighted strong cargo volume growth across Asia, Europe and the Middle East, and noted that operating margins improved thanks to better operating leverage and efficiency gains, even as operating expenses rose. Laotian Times
Despite the robust numbers, SATS’ share price closed about 1.2% lower, reflecting the combination of an ex-dividend adjustment, prior outperformance and investor caution over the sustainability of elevated cargo volumes amid shifting global trade flows. Tiger Brokers
Tech and industrial names: breakouts and momentum plays
Beyond the index heavyweights, traders also rotated into select growth and momentum names:
- iFAST Corporation (AIY) added around 1.2% to S$9.09, continuing its multi-month recovery as investors bet on the expansion of its digital wealth platform and potential benefits from deeper capital-market participation under MAS’s EQDP. SG Investors
- Venture Corporation (V03) rose to S$14.89, as technical traders noted that the stock had recently broken out of a long-term downward channel and successfully retested support near S$14.50, a move that often attracts momentum-focused funds. SG Investors
- Yangzijiang Shipbuilding (BS6) and Yangzijiang Maritime (8YZ) also saw healthy gains, with the latter up nearly 7%, amid continued optimism about shipbuilding order books and maritime demand. SG Investors
At the smaller-cap end, Suntar Eco-City (BKZ) surged over 57% on very thin volume, underscoring how liquidity-sensitive micro-cap stocks can be on days when broader sentiment improves. SG Investors
What today’s moves mean for investors
Today’s session underscored three big themes shaping the Singapore stock market right now:
- Structural reforms matter as much as daily price moves
- MAS’s completed Equities Market Review and the SGX board-lot reduction are medium-term catalysts aimed at improving access, liquidity and the depth of the market. The announced dual listing bridge with Nasdaq could, over time, position Singapore as a more compelling hub for high-growth regional champions. Caproasia
- Yield and quality remain in demand
- Banks, REITs and high-dividend counters continue to attract capital, especially as global investors reallocate towards stable, income-generating assets in a world of fluctuating rates and geopolitical uncertainty. At the same time, ex-dividend dates can create short-term price dips that may not reflect changes in fundamentals. Reuters
- Global tech and AI trends are increasingly important for STI direction
- The outsized impact of Nvidia’s AI-led earnings surprise on Asian markets highlights how global tech sentiment now spills quickly into regional and Singaporean equities, even though the STI is less tech-heavy than some peers. Reuters
For investors, the message is that policy, global macro and micro-level stock stories are converging in Singapore right now. While the STI sits near record highs, today’s modest advance and broadly positive breadth suggest that market participants are still willing to buy quality names on dips, particularly when supported by clearer structural reforms and solid earnings.
As always, this article is for information only and does not constitute investment advice. Investors should consider their own risk tolerance, time horizon and financial objectives, and consult a licensed adviser where necessary.
