STI closes at 4,546.07 after new high

The index’s valuation continues to rise but remains below pre-2008 levels.

Singapore’s Straits Times Index (STI) reached a new all-time high of 4,575.91 on 13 November 2025, before closing at 4,546.07 on 14 November.

The benchmark index has returned 20.0% year-to-date on price and 25.8% in total return terms, driven by a stronger second half. Bloomberg’s consensus target for the STI was revised up by 12% in the second half of 2025, compared to just 2% in the first half.

Investor interest in STI exchange-traded funds (ETFs) has grown in tandem. Combined assets under management for the SPDR STI ETF and Amova STI ETF reached $3.38b, with $349m in net inflows year-to-date, including $65m in October alone.

That month also saw the highest monthly trading activity since April, with average daily turnover at $6.5m.

Between 2019 and 14 November 2025, the two ETFs delivered an annualized total return of 10.2%, with dollar-cost averaging showing a compound annual growth rate (CAGR) of 8.3%, compared to 10.2% for lump-sum investing.

Whilst Singapore’s three major banks—DBS, OCBC, and UOB—still represent the largest sector weighting in the STI (50.4%), their influence has eased slightly from 53.7% at the end of 2024.

In the third quarter, the three banks delivered combined non-interest income of $5.06b, up 13% QoQ, whilst net interest income remained above $8b for a 12th consecutive quarter.

OCBC posted a 7% increase in total income, driven by 35% growth in wealth-management fees and a record $336b in assets under management (AUM).

DBS gained 3% whilst UOB saw a 2% decline after setting aside a $615m pre-emptive provision, lifting its general allowance to 1% and non-performing asset coverage to 100%.

The index’s valuation continues to rise but remains below pre-2008 levels. The STI traded at a price-to-book (P/B) ratio of 1.5x as of 14 November, up from 1.3x at mid-year, but still below the ~2.0x range seen pre-GFC.

The median P/B ratio across STI constituents held steady at 1.2x. ST Engineering led the market with an 85% total return in 2025 and the highest P/B of 9.8x, whilst Hongkong Land had the lowest P/B at 0.5x yet ranked among the top-performing stocks.

DBS maintained the highest average daily turnover at $224m, whilst the total market cap across STI constituents stood at $681.8b, with aggregate daily turnover at $1.18b and net institutional outflows of $2.57b.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia