Market Overview

The Singapore Exchange (SGX) delivered a robust performance in February 2026, with several indicators showing significant momentum. Despite fewer trading days (18 in Feb vs. 21 in Jan), the market saw notable growth in turnover value and velocity. The total stock market turnover value surged to S\$38.55 billion, up from S\$34.63 billion in January 2026. This increase was also reflected in the securities daily average value, which jumped to S\$2.14 billion, up 30% year-on-year (YoY).

• Total market capitalisation reached S\$1.12 trillion, marking a 28% YoY growth.
• Overall turnover velocity rose sharply to 49%, up from 38% in January, indicating heightened trading activity relative to market cap.
• The total number of listed securities held steady at 606.

Key Segments and Trading Activity

Stock Market

• SGX Mainboard: Turnover value for SGD-denominated shares rose 27% YoY to S\$34.56 billion, while volume climbed 21% YoY.
• SGX Catalist: Experienced a 305% YoY increase in turnover value to S\$573 million, even as traded volume rose 29%.
• Exchange-Traded Funds (ETFs): Turnover value soared 172% YoY to S\$1.11 billion, with a 26% rise in volume.
• Structured Warrants and Daily Leverage Certificates: Both saw sharp declines in value and volume, with structured warrants turnover down 78% YoY and daily leverage certificates down 48% YoY, which could signal declining speculative activity.
• Company Warrants: Value fell 20% YoY.

Important note for shareholders: The surge in turnover, particularly on the SGX Mainboard and Catalist, signals renewed investor interest and liquidity, which can positively impact valuations and price discovery. The strong performance in ETFs also suggests increased institutional participation and diversification.

By Geography

• Singapore companies saw a 33% YoY jump in traded value, far outpacing the market.
• Overseas companies (excluding China) enjoyed a 38% YoY rise in traded value, while Chinese companies saw a slight decline (-6% YoY).

This trend highlights Singapore-listed companies as the main drivers of market value growth, potentially benefiting blue-chip and large-cap shares.

By Industry

• Basic Materials: Value up 488% YoY—a sector to watch for price-sensitive moves.
• Health Care: Value up 231% YoY.
• Oil & Gas: Value up 71% YoY, potentially reflecting higher global energy prices.
• Technology: Value up 195% YoY, signaling strong investor interest in growth sectors.
• Utilities: Value up 248% YoY.
• Financials: Value up 25% YoY, with a major share of total market cap.

Shareholder Alert: The outsized growth in Basic Materials, Health Care, Oil & Gas, Technology, and Utilities stands out. These sectors may see significant share price movements, especially as the market re-rates companies with strong earnings or sector tailwinds.

Key Indices Performance

• Straits Times Index (STI): Closed at 4,995.07 in Feb 2026 (+28% YoY).
• FTSE ST China Index: Up 64% YoY, strong recovery in China-exposure plays.
• FTSE ST Oil & Gas: Up 106% YoY, reflecting robust commodity markets.
• FTSE ST Industrials: Up 67% YoY.
• FTSE ST Telecommunications: Up 44% YoY.
• FTSE ST Utilities: Up 59% YoY.

Investor Takeaway: Index gains across sectors indicate broad-based strength, but the extraordinary performance of Oil & Gas, China, Industrials, and Utilities is especially price-sensitive. Investors should watch for earnings upgrades and sector re-ratings.

Derivatives Market Insights

• Total derivatives volume in February was 27.13 million contracts, with a daily average of 1.65 million (+22% YoY).
• Iron Ore derivatives remain a key feature, with trading volume up 6% YoY, and options volumes up 12% YoY, reflecting increased hedging and speculation in the commodity space.
• Cryptocurrency derivatives (Bitcoin and Ethereum) are seeing rapid growth, with 43,493 contracts traded in February alone.
• Energy derivatives (notably oil and coal) experienced a drop in trading volumes (-28% YoY), but open interest remains high, signaling ongoing market engagement.

Potential Market Movers: The rise in cryptocurrency derivatives and sustained interest in iron ore contracts could be price-sensitive for related stocks and ETFs on SGX. High open interest in energy contracts suggests that market participants are positioning for further moves in global commodities.

Bond Market Developments

• Number of new bond listings dropped sharply by 66% YoY, with only 29 listings in February.
• Funds raised through new listings fell 32% YoY to S\$14.62 billion.
• Total outstanding bond listings rose by 6% YoY to 7,400, indicating a larger fixed-income market even as new issuance slows.
• Foreign issuers remain dominant, accounting for 76% of new bond listings.

Bond Market Watch: The sharp YoY drop in new bond listings and funds raised could signal tighter credit conditions or a temporary pause in primary market activity. This may affect companies reliant on bond financing and could be a headwind for SGX’s debt market revenues.

Top Companies by Market Capitalisation (as at Feb 2026)

• DBS Group Holdings Ltd (S\$162.43B)
• Oversea-Chinese Banking Corp (S\$96.24B)
• Singtel (S\$83.08B)
• United Overseas Bank Limited (S\$61.06B)
• Prudential Plc (S\$45.18B)
• Singapore Tech Engineering Ltd (S\$31.06B)
• Jardine Matheson Holdings Ltd (S\$30.71B)
• IHH Healthcare Berhad (S\$25.80B)
• Hongkong Land Holdings Limited (S\$23.61B)
• Keppel Ltd. (S\$23.55B)
• Singapore Airlines Ltd (S\$22.65B)
• Wilmar International Limited (S\$21.97B)
• Singapore Exchange Limited (S\$19.49B)
• CapitaLand Integrated Commercial Trust (S\$18.65B)
• Yangzijiang Shipbuilding Holdings Ltd (S\$17.08B)

Investor Focus: These companies represent the backbone of SGX’s market cap and are likely to be the most sensitive to market trends, index movements, and fund flows. Any sector or index rotation will likely impact these stocks first.

Other Noteworthy Points

• SGX’s asset under management grew 22% YoY to S\$1.10 trillion, reflecting robust institutional inflows and higher valuations.
• Significant increases in open interest in iron ore, petrochemical, and dairy derivatives highlight SGX’s growing position as a regional commodity and financial derivatives hub.
• Sharp price moves in Basic Materials, Health Care, Technology, and Oil & Gas may attract momentum traders and new listings in these sectors.

Conclusion: Price-Sensitive Highlights for Shareholders

• Strong YoY growth in turnover value, market cap, and trading velocity points to a bullish sentiment on SGX, which can support further upside in leading stocks and sectors.
• ETFs and derivatives are seeing strong institutional interest, potentially lifting volumes and fees for SGX and related financial stocks.
• Sharp sector rotations (e.g., Basic Materials, Oil & Gas, Technology, Utilities) could lead to outsized moves in these industries.
• Slowing bond listings may signal rising funding costs or a shift toward equity capital markets.
• Rapid growth in cryptocurrency and commodity derivatives suggests SGX is capturing new sources of trading volume.

Shareholder Action: Investors should monitor upcoming earnings releases, sector-specific news, and SGX’s own updates for guidance. Sectors with outsized YoY growth are likely to be in focus for fund flows and price action. Any changes in market conditions, derivative regulations, or funding environment could be price sensitive.