Weak listings weigh on SGX despite strong trading: RHB

RHB slashes new listing forecasts from 10 to five for the second half of FY26.

Singapore Exchange (SGX) is expected to see fewer new listings in the second half of FY2026, with forecasts revised down to five from an earlier estimate of 10, according to an RHB report.

The lack of new listings remains a key constraint on the exchange’s long-term growth, despite strong trading momentum.

Singapore-linked equity derivatives on the bourse remained resilient in March. MSCI Singapore futures posted a daily average volume of about $2.5b (US$2b), whilst the SIMSCI NTR contract reached a record open interest of $651.7m (US$512m).

SGX Group also reported an adjusted net profit of $357.1m for the first half ended 31 December 2025, up 11.6%.

“Whilst EQDP-driven liquidity supports turnover in the near term, a healthy primary market is essential for sustained performance,” RHB said.

Fewer listings reduce issuer-related fee income, limit index inclusion opportunities, and weaken secondary market depth, it added.

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