Shares in Singapore reached a 17-year peak on Tuesday, fueled by a surge in substantial financial firms, as the city-state presses on with measures to rejuvenate its stock market.
The Straits Times Index, which encompasses the largest 30 corporations in the city-state, saw an uptick of up to 0.9%, achieving a high not seen since November 2007. Witnessing a 16% ascent this year, the index has outpaced the majority of its regional competitors.
In their efforts to bolster the equities market in Singapore, a hub for more than $4 trillion of managed assets, the Monetary Authority of Singapore (MAS) announced the formation of a review group in August.
Morgan Stanley analysts note that this combination of potent political will and low market estimations is likely to have a significantly positive market impact, even as the specifics of forthcoming initiatives remain unresolved.
In comparison with other Southeast Asian markets, the Thailand SET Index and Taiwan Weighted climbed by 0.9% and 1.4% respectively.
Thailand recently disclosed exceptional economic growth for the period between July and September. However, concerns persist over increasing government spending and a decrease in private consumption. These statistics are anticipated to keep the heat on the central bank to further cut interest rates, a move that could push Thai stocks to their highest since Nov. 8.
