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(Bloomberg) — Singapore stocks climbed to a record, advancing alongside global momentum as investors sought havens in the face of volatility fueled by the Iran war.
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The Straits Times Index rose as much as 1% on Tuesday to 5,046.75, surpassing its previous intraday record on Feb. 23. The city-state’s benchmark has risen about 8.6% this year.
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Unlike other Asian markets such as South Korea or Taiwan, Singapore’s gains have not been driven by enthusiasm for artificial intelligence. Instead, its year‑to‑date performance has been comparatively modest within the region, but steady. With energy prices spiking after the war, investors have leaned on Singapore’s economic and political stability, and the appeal of dividend-paying stocks that make up a significant portion of its index.
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“Singapore’s equity market has remained relatively resilient despite ongoing global volatility, supported by its defensive sector composition and consistent inflows,” said Thilan Wickramasinghe, head of research at Maybank Securities. “This has placed the market at a relatively favorable position.”
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A government‑led initiative to strengthen Singapore’s equities market has also played a role. The S$6.5 billion ($5.1 billion) Equity Market Development Programme, launched last year to encourage selected funds to invest in local stocks, is designed to boost valuations and broaden participation beyond large‑cap stocks.
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Singapore tightened its monetary policy settings last month, becoming the first in Asia to respond to rising inflation risks from the energy price surge. The Singapore dollar’s resilience, outperforming Southeast Asian peers since the war’s onset, has also contributed to the market’s rise.
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Meanwhile, foreign deposits in Singaporean banks climbed to S$659 billion in March, the highest level since records began in 2021, according to data released by the Monetary Authority of Singapore.
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