SGX Group Posts Robust Market Activity in November 2025

Key Highlights and Potential Shareholder Impacts

Singapore Exchange (SGX) Group has released its trading activity report for November 2025, revealing a robust performance across its equity, commodity, and bond markets. The report contains several noteworthy developments that investors and shareholders should closely monitor, as they may influence SGX’s share price and future prospects.

1. Singapore Stock Market Shows Strong Performance

• Turnover surged 18% year-on-year to S\$35.5 billion, marking the best traded value since April.
• Securities daily average value (SDAV) soared 24% y-o-y to S\$1.8 billion.
• The Straits Times Index (STI) climbed 2.2% month-on-month, bringing year-to-date gains to 19% and total returns to 25%, outperforming most ASEAN markets.
• STI achieved a new record high of 4,575.91 during the month.
• Cash SDAV rose 19% m-o-m to S\$1.7 billion, with strong interest in index stocks and REITs, particularly from retail investors.
• Two Mainboard listings this month: Yangzijiang Maritime Development Ltd. and Coliwoo Holdings Limited.

2. Regional Capital Market Connectivity Deepens

• SGX introduced three new Singapore Depository Receipts (SDRs) with Hong Kong-listed counters, bringing the total SDR suite to 29.
• Turnover of SDRs grew eightfold y-o-y, primarily driven by retail inflows, indicating growing investor interest in cross-border products.

3. Surge in Derivatives and International Market Activity

• China Equity Derivatives:
  • Open interest in SGX FTSE China A50 Index Futures rose 3.5% m-o-m to 1.07 million contracts (~US\$16.2 billion notional).
  • SGX FTSE China H50 Index Futures daily average volume hit a record 10,810 contracts (~US\$388 million notional), reflecting increased use for H-shares risk management.
• India Equities:
  • Nifty 50 Index retested record highs, driving GIFT Nifty 50 Futures and Options open interest up 39% y-o-y to a record US\$16.5 billion notional (315,405 contracts).
  • SGX INR/USD futures traded volume surged 43% y-o-y to 2.4 million contracts, highlighting global demand for India-linked derivatives.
• Taiwan Market:
  • Driven by AI sector optimism, SGX FTSE Taiwan Index Futures volume rose 4% m-o-m and 15% y-o-y to 1.63 million contracts.

4. Commodities and New Crypto Derivatives See High Demand

• Commodity Derivatives:
  • Overall volume up 6% y-o-y to 5.3 million contracts, as institutions managed risk amid geopolitical tensions.
  • Iron ore derivatives volume up 9% y-o-y.
  • Petrochemical derivatives volume doubled y-o-y to 16,469 lots due to upstream price volatility and increased participation.
  • Forward freight derivatives volume increased 9% y-o-y to 197,091 lots.
• Crypto Perpetual Futures:
  • SGX launched Bitcoin and Ethereum perpetual futures for institutional-only trading on 24 November.
  • Significant institutional participation with an average US\$100 million notional traded weekly in the first week, showing strong uptake by both traditional finance and crypto-native players.

5. Bond Market Developments

• SGX listed 48 new bonds raising US\$16.6 billion, representing a 30% increase in listings y-o-y, though the total amount raised was down 29% y-o-y.
• The three largest bond issuers were Bangkok Bank Public Company Limited, Korea Electric Power Corporation, and the Republic of Indonesia.

Shareholder Watchpoints & Potential Price Sensitivities

• Record equity turnover and new index highs signal strong market confidence and could support SGX’s revenue and profitability, potentially driving share price appreciation.
• Success of new products like crypto perpetual futures and the rapid growth in SDR turnover may open up new revenue streams and enhance SGX’s competitive positioning in Asia.
• Continued internationalization with deepening linkages to China, India, and Taiwan could increase trading volumes and diversify revenue sources, reducing risk exposure to local market downturns.
• Commodities and bond market expansion further solidify SGX’s role as a multi-asset exchange, which can be attractive to global investors and institutions seeking comprehensive market access.
• However, lower total bond funds raised (despite more listings) may point to some caution among issuers and broader market participants, possibly reflecting external macroeconomic pressures.

Conclusion

SGX Group’s November 2025 report showcases robust growth and innovation across equity, derivative, commodity, crypto, and bond markets. The strong trading volumes, new product launches, and record index levels all point to a positive outlook for the exchange, with potential to impact its share price positively. Investors should monitor ongoing product adoption trends and market connectivity initiatives, which can further enhance SGX’s value proposition in the region and globally.

Disclaimer: This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. Investors should conduct their own research or consult a financial advisor before making investment decisions.

View SGX Historical chart here