Singapore Exchange (SGX Group) today released its market statistics for November 2024. Securities market turnover rose as the Straits Times Index (STI) emerged as ASEAN’s top performer. SGX’s globally leading Asian derivatives markets notched significant wins with multiple foreign exchange (FX) futures volume records and a groundbreaking benchmark inclusion for iron ore.
Key highlights:
- SDAV jumps: Securities daily average value (SDAV) surged 51% year-on-year (y-o-y) in November to S$1.44 billion, climbing 17% on a month-on-month (m-o-m) basis. Securities market turnover also increased 51% y-o-y to S$30.2 billion, up 12% m-o-m. Singapore was the most-actively traded cash market in ASEAN and among Asia-Pacific developed markets, with robust activity across all client segments in Index stocks and real-estate investment trusts (REIT) amid interest-rate expectations and following the U.S. elections. Retail investors net purchased S$346 million in REITs, the most since mid-2023.
- STI tops ASEAN: Singapore’s stock benchmark led ASEAN markets with a 17-year high for three consecutive days, advancing 5.1% m-o-m in November to 3,739.29. Performance was driven by a rally in banking stocks amid strong quarterly results, while Yangzijiang Shipbuilding’s addition to the MSCI Singapore Index lifted turnover. Singapore was the only Asia-Pacific developed market with a net gain in the number of constituents in the MSCI rebalance for the month.
- Multiple listings: SGX Securities welcomed the secondary listing of PC Partner Group Limited on Mainboard in November, as well as the listings of Goodwill Entertainment Holding Limited and Attika Group Ltd. on Catalist.
- Multi-asset derivatives volume gains: Derivatives volume rose 17% y-o-y in November to 26.1 million contracts across equities, FX and commodities. Equity index futures traded volume on SGX Equity Derivatives climbed 17% y-o-y to 14.5 million contracts, led by a 34% y-o-y increase in the volume of SGX FTSE China A50 Index Futures – the world’s most liquid international futures for Chinese equities. GIFT Nifty 50 Futures volumes were up 10% y-o-y at 1.6 million contracts.
- More FX futures records: November was another significant month for SGX FX, with DAV records for USD/CNH, KRW/USD and INR/USD futures contracts on rising U.S. yields, market volatility as well as a growing and diverse group of global participants actively managing currency risk. Total FX futures traded volume climbed 50% y-o-y to 6.1 million contracts – an all-time high. For SGX USD/CNH FX Futures, the world’s most widely traded international renminbi futures, more than 38% of volumes were traded outside of Asian hours in the overnight T+1 session. SGX KRW/USD FX Futures volume grew 40% m-o-m to 550,895 lots, with a single-day record of 76,444 lots on 13 November.
- Iron ore evolution: SGX Commodities took a major step forward in November in transforming iron ore into a globally investable product, with the announcement of the SGX Iron Ore 62% contract’s inclusion in the Dow Jones Commodity Index (DJCI) from January 2025. This marked a milestone for Asia’s first global commodity, reflecting the growing importance and recognition of iron ore in the international commodities market. During the month, the traded volume of futures and options on SGX SICOM rubber – the global pricing benchmark for natural rubber – increased 30% y-o-y, while petrochemicals derivative volume gained 52% y-o-y.
The full market statistics report can be found here.
