Singapore’s capital markets closed 2025 on a strong and memorable note, with investor sentiment lifted significantly by domestic policy initiatives rather than global macro noise alone. While the year began quietly, market volatility increased as trade tensions and tariffs resurfaced. However, the decisive factor behind the rally was a series of targeted measures by the Monetary Authority of Singapore (MAS) aimed at revitalising the equity market.
Key initiatives—including the Value Unlock programme, the Equity Market Development Programme (EQDP), the SGX–Nasdaq dual-listing partnership, and regulatory enhancements at the Singapore Exchange (SGX)—helped restore confidence, improve liquidity, and attract both retail and institutional investors. These efforts reinforced the long-held belief that Singapore equities are structurally undervalued, prompting investors to broaden their focus beyond traditional bank stocks.
Although Straits Times Index (STI) constituents continued to play a core role in portfolios due to their stable dividends and solid performance, the strongest gains came from non-STI stocks. Bloomberg data as of Dec 12 shows that the top performers were smaller and mid-cap names such as Addvalue Technologies, iX Biopharma and CNMC Goldmine, which delivered returns ranging from 341% to 455%. Newly listed MetaOptics also stood out, surging 480% since its September listing.
Construction, infrastructure, offshore and marine, commodities, healthcare and technology stocks dominated the list of top performers, reflecting sector-specific tailwinds and company-level execution. Soilbuild Construction was particularly notable, appearing among the top gainers for a second consecutive year. After rising nearly 180% in 2024, the stock gained another 326.9% in 2025, lifting its market capitalisation to about $520 million. A $100 investment at the start of 2024 would now be worth over $1,100.
Several construction-related firms benefited from Singapore’s multi-year infrastructure boom. Companies such as Sanli Environmental, OKP Holdings, Huationg Global and Soilbuild reported record or growing order books, driven by large public-sector contracts. These firms also rewarded shareholders through placements, bonus issues, stock splits and, in Soilbuild’s case, a proposed spin-off of its precast and prefabrication business.
In the offshore and marine sector, survivors of the previous downturn—such as ASL Marine—saw renewed investor interest amid an industry recovery. Improved earnings, lower finance costs, capital raisings and upgraded analyst forecasts helped drive strong share price gains.
Commodity exposure also played a role, with CNMC Goldmine emerging as a major beneficiary of record gold prices. Higher production capacity and rising gold prices translated into record revenues and earnings. Meanwhile, Kencana Agri’s turnaround was driven purely by improved fundamentals, as higher crude palm oil prices and volumes restored profitability after years of losses.
Healthcare and technology counters added a growth narrative to the rally. AJJ Medtech attracted speculative interest following multiple MOUs related to healthcare automation and humanoid elderly-care robots, while iX Biopharma gained momentum on fundraising, improving revenues, US expansion plans and potential overseas listings.
Topping the list was Addvalue Technologies, whose transformation was underpinned by contract wins, a growing order book, sharply improved earnings and inclusion in the FTSE ST All-Share Index. Benefiting from the global shift toward low-earth orbit (LEO) satellite services, Addvalue’s proprietary satellite connectivity solutions positioned it for sustained growth after years of stagnation.
Overall, 2025 marked a turning point for Singapore’s equity market. Broad-based gains, improving fundamentals, active capital markets and strong regulatory support signalled renewed confidence, suggesting a more dynamic and diversified investment landscape heading into the years ahead.
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