The city-state's economy may be larger than Hong Kong's, but the total value of listed companies on the Singapore Exchange is about 7 times smaller.
While South Korea has yet to report any results from those efforts, CGS International noted some promising results from Japan. The MAS told CNBC it"has received the proposals and is reviewing them," while the EDB declined comment. MTI has yet to respond to CNBC's request for comment.Analysts from Maybank and the CGS International also pointed out that Singapore companies need to boost investor engagement, which could revive interest in the market.
As such, more research has focused on large cap, liquid stocks at the expense of smaller stocks."Without small-midcap stocks gaining sufficient investor attention, they suffer from lower valuations and liquidity," Wickramasinghe said. On the part of the exchange, some possible measures include incentives, such as tax benefits and adjusted listing fees for companies that improve their valuation, CGS said.Still,"there is no single magic bullet solution," noted Wickramasinghe, who said the solutions for Japan and South Korea may not necessarily work for Singapore.
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