Singapore’s stock market is struggling. Here’s how to revive it

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From slashing lot sizes to widening exposure to foreign stocks, a CFO has suggestions for the local bourse.

Building the pipeline for future listings at SGX is a meaningful strategy, albeit with a longer gestation period, says the writer.

Some pieces are in place. We cemented our status as an asset management hub and fund domicile with $4.9 trillion assets under management in 2022. We also have over 2,000 financial institutions ranging from banks to insurers and brokerages serving the needs of individuals, households, corporates and institutions. What can we do better?The Singapore Exchange has done a commendable job growing its bond, forex and derivatives business.

At the end of the day, one would realise that volumes and liquidity centre around the large counters – in particular, the seven mega cap US-based companies – dubbed the Magnificent Seven.and facilities management platform Simpple. These IPOs raised less than US$20 million combined and neither of their share prices have performed well since listing.

In January 2015, SGX reduced the standard board lot size of securities from 1,000 to 100 units. In its 2015 annual report, SGX highlighted that in the six months following the board lot size reduction from 1,000 to 100 shares, the monthly average number of retail participants trading STI stocks increased by 9 per cent compared with the preceding six months.

I am not saying compliance and governance should be ignored. In fact, they are much needed but we have to be wary of over-compliance and regulation. The key question all stakeholders have to ask is: “Who are we truly protecting?”

 

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