Singapore stocks fell this week, with the STI down 1.7%, in a reaction to declining expectations from the US Fed of cutting down interest rates.

Meanwhile, Singapore on Friday upgraded its economic outlook for 2025 as third-quarter gross domestic product growth beat market expectations and initial estimates.

In terms of individual stocks, NIO fell 12.6%; Genting Singapore fell 7%; Sembcorp fell 5.6%; Seatrium fell 3.7%; SIA Engineering and Sats fell 3.2%; Yangzijiang Shipbuilding fell 2.9%; OCBC and Wilmar International fell 2.4%; Keppel fell 1.7%; SGX fell 1.2%; SIA and DBS fell 0.6%; UOB fell 0.4%; Jardine C&C rose 2.5%.

Market News

Singapore Says Q3 GDP Grows 4.2% Y/Y, Upgrades 2025 Forecast

Singapore on Friday upgraded its economic outlook for 2025 as third-quarter gross domestic product growth beat market expectations and initial estimates.

GDP rose 4.2% in the third quarter from a year earlier, government data showed, faster than the 2.9% official advance estimate released last month and a median forecast of 4.0% in a Reuters poll of economists.

On a quarter-on-quarter seasonally adjusted basis, GDP expanded 2.4% from the second quarter.

The trade ministry raised its GDP growth forecast for 2025 to "around 4.0%" from a previous range of 1.5% to 2.5%.

Singapore Woos Growth Firms with Plans to Make SGX-Nasdaq Dual Listing Easier

Singapore's central bank said on Wednesday it would make it easier for companies to establish dual listings on the Singapore Exchange and the Nasdaq, aiming to boost the city-state's appeal as a hub for high-growth businesses.

The Monetary Authority of Singapore said it would collaborate with the SGX on a regulatory framework for prospectus disclosure requirements that is comparable with U.S. standards, allowing issuers to use a single set of offering documents.

The so-called dual listing bridge, expected to go live by mid-2026, will target Asian companies with a market capitalisation of at least S$2 billion ($1.5 billion) and global ambitions.

SGX said in a separate statement that the bridge would simplify the dual listing process for companies.

SGX to Reduce Board Lot Size for Securities Above S$10 to 10 Units

The Singapore Exchange (SGX) announced on Wednesday (Nov 19) its intention to reduce the board-lot size to 10 units from 100 units for securities priced above S$10.

The significant boost to affordability is aimed at broadening investor participation, boosting trading activity and enabling easier access to higher-priced securities so investors can build more diversified portfolios, said the local bourse.

The reduction to minimum board-lots will apply to ordinary shares, real estate investment trusts, business trusts, company warrants, rights and depository receipts.

Securities currently trading above S$10 include bank stocks such as DBS, UOB and OCBC, Haw Par Corporation and Jardine Cycle & Carriage.

Sculptura Ardmore Condo Unit Sells for Almost S$6,200 Psf Amid Uptick in High-End Sales

A 3,229 square foot unit in the luxury condominium Sculptura Ardmore in the prime District 10 recently changed hands at S$20 million, or S$6,193 per square foot (psf) – making it the fifth deal this year to cross the S$6,000 psf mark.

A look into caveats data revealed that four other non-landed properties were sold above this threshold thus far in 2025. Before this year, only six such sales were recorded in the 13 years between 2011 and 2024; a unit at The Marq On Paterson Hill was the first to cross the mark, with a S$19.2 million deal putting the psf price at S$6,215.

The Sculptura Ardmore transaction on Nov 7 comes in the wake of a recent uptick in Singapore’s high-end residential market, after hikes in stamp duty took the wind out of the luxury segment in 2023.

Singapore Exchange to Launch Bitcoin and Ether Perpetual Futures

The derivatives arm of Singapore Exchange (SGX) said on Monday that it would launch bitcoin and ether cryptocurrency perpetual futures trading on its platform.

Set to launch on November 24, the trading will be available to accredited and institutional investors, SGX said in a statement.

Perpetual futures are derivatives that allow traders to bet on asset prices without an expiry date and offer round-the-clock access and high leverage, making them a popular choice in fast-moving markets.

Singapore Home Sales Near One-Year High on Renewed Frenzy

Singapore home sales rebounded to the highest level in almost a year after a recent rush of buying, renewing concerns about over-exuberance in the market.

Developers sold 2,424 private units in October, according to figures released by the city’s Urban Redevelopment Authority Monday. That’s the most since November last year, when a similar frenzy led to 2,560 homes being sold.

The spate of purchases has been driven by a range of factors, including falling borrowing rates, an intergenerational wealth transfer and rich foreign residents spending on homes. The trend risks driving up prices further in what is already one of the world’s most expensive real estate markets.

Sea Announces First Share Buyback of up to US$1 Billion

Consumer Internet company Sea on Monday (Nov 17) announced its first share repurchase programme, under which it may buy back up to US$1 billion of its American depositary shares.

The move comes a week after the company reported a 144.6 per cent rise in its third-quarter earnings to US$375 million, from US$153.3 million in the year-ago period.

Sea said in a statement that the share buyback programme demonstrates its 「confidence in its long-term prospects」, and will allow it to opportunistically repurchase its shares.

UltraGreen.ai Aims to Raise $400 Million in Singapore IPO, Term Sheet Shows

UltraGreen.ai Ltd, a medical imaging and fluorescence-guided surgery company, is aiming to raise about $400 million in a Singapore initial public offering at $1.45 per share, according to a term sheet reviewed by Reuters on Wednesday.

The company, which develops fluorescence-guided surgery technology and supplies indocyanine green (ICG) dyes, plans to list on the Singapore Exchange Mainboard on Dec. 3. It will report in U.S. dollars.

The company is building an AI-powered surgical intelligence platform, according to its website.

The Week Ahead

Singapore's Industrial Production in July

Singapore will release its CPI data for July on Monday afternoon.