Singapore stocks hit record intraday high on Tuesday with STI up 0.9% to 4,462.79.

Singapore’s stock market has awakened from its yearslong slumber with a series of record highs. This could be the start of a sustained run.

Pockets of Southeast Asia have benefited from a diversification from U.S. assets amid volatility in U.S. politics.

What sets Singapore apart from its regional peers is the city-state’s reputation for stability and openness to business, as well as a strong currency, which has lured investors hunting for new places to park their cash.

The Monetary Authority of Singapore has thrown its weight behind the equities market, rolling out reforms and working with fund managers to inject liquidity into the once-dormant exchange.

The central bank has set aside 5 billion Singapore dollars, equivalent to US$3.88 billion, to be invested in Singapore equities. Thus far, it has appointed J.P. Morgan Asset Management, Fullerton Fund Management and Avanda Investment Management to supervise these investments, and plans to name more.

These managers could add their own funds to MAS’s investments in Singapore equities, which would increase the amount of cash going into the stock market, some analysts said.

Midcap stocks in particular could get a much-needed shot in the arm, as the central bank has said that a portion of the funds should be allocated to small- and medium-size companies. Trading in Singapore’s equities market has generally been concentrated in a few blue chips.

A pickup in local stock listings also adds to the conviction that Singapore is back on fundraisers’ map.

The city-state had its biggest real-estate investment trust listing in nearly eight years in July. There are about 30 more potential listings in the pipeline, Singapore Exchange President Michael Syn said in an interview with Dow Jones Newswires.

Singapore seems to be getting more popular as a destination for secondary listings, too.