Singapore equities triple APAC benchmark's gain over three months

The financial industry was the driving force behind the country’s performance.

Singapore was the top-performing equity market in Asia Pacific over the three months to 31 July 2026, leading regional gains even as a technology-led correction hit Korea, according to a report by FTSE Russell.

FTSE Singapore rose 15.6% over the period, ahead of Taiwan's 11.5% and Korea's 10.8%, whilst the broader FTSE Asia Pacific index gained 5.1%.

The financials industry was the primary driver of Singapore's performance, rising 25.9% on the back of strong growth in banks' non-interest income, particularly from wealth management.

The report said Singapore's attractive dividend yield of 4.4%, compared with the Asia Pacific average of 2%, along with its defensive characteristics and relatively low volatility, drew investors during a period of heightened equity market volatility. That volatility was driven largely by investor concerns over rising AI capital expenditure and crowded technology positioning in Korea.

Meanwhile, Korea and Taiwan remain the best-performing markets year-to-date, with FTSE Korea up 77% and FTSE Taiwan up 53%, supported by strong performance across the semiconductor, electronic components and AI hardware supply chain.

However, the Korean market experienced a sharp correction in July, falling 16.7%. The report attributed the sell-off largely to crowded positioning, the daily rebalancing of single-stock leveraged exchange-traded funds and retail deleveraging, rather than any deterioration in underlying fundamentals.

On the domestic economy, the report said inflation in Singapore had remained relatively contained due to the strength of its currency and resilient growth.

Singapore also recorded continued strong export growth, with exports accelerating on the back of technology shipments, helping to partially offset a rise in imports driven by higher energy prices and US dollar strength.

Across ASEAN, the report flagged renewed inflation risks after oil prices rebounded to around $115.15 (US$90) in late July, having fallen from a year-to-date peak of $179.12 (US$140) to $185.52 (US$145) to between $83.16 (US$65) and $89.56 (US$70) in early July.

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