Singapore stocks hit 10-year high after 34% index surge

Financials and AI exports drive Singapore’s strongest market gains in two years.

Singapore emerged as one of the top three performing equity markets in the Asia-Pacific in 2025, posting a 34% return within the FTSE Asia Pacific Index, according to a report by LSEG.

The gains came as analysts raised earnings per share (EPS) forecasts, placing Singapore among regional markets that saw improving earnings outlooks while maintaining relatively attractive valuations compared to peers.

Singapore’s market is now trading near its 10-year highs based on historical averages. However, continued earnings upgrades have provided support for current valuations. The country has recorded some of the strongest upward EPS revisions in the region over the past two years.

The Financials sector drove much of the earnings growth. Banks benefited from a higher interest rate environment, which supported margins and profitability. Singapore’s position as a regional financial hub also continued to attract capital flows and cross-border activity.

Over a recent three-month period, Singapore Financials rose 16.8%, contributing significantly to broader market gains. Singapore advanced 13.2% during the same period, helping lift the FTSE ASEAN Index by 9.6%.

Market resilience was supported by macroeconomic stability and steady policy settings. The Monetary Authority of Singapore kept its S$NEER policy unchanged since April 2025 as export growth strengthened, supported by front-loading and trade re-routing activities.

Despite its reliance on exports, Singapore managed trade uncertainty relatively well. A rebound in electronics exports, particularly semiconductors and AI-related components, supported growth and reflected strong global demand tied to artificial intelligence.

Government efforts to position Singapore as a regional data centre hub have also supported its role in the global AI supply chain, reinforcing investor confidence in the market’s longer-term prospects.

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