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Momentum Rolls Off a Bit in Singapore
The Singapore index continues to rally in 2025, albeit more in line with overall EM gains this year. As before, stock market performance is supported by strong earnings growth and a general upturn in key domestic macro indicators such as durable auto demand, property construction activity and credit.
Having said that, momentum is now slowing going into the end of the year, particularly in the private lending cycle, and the retail economy remains a relative drag. We also note that last year's population growth has moderated in 2025 as well.
We have almost no worries about macro risks. Singapore is a relative external outperformer with a huge surplus position, and despite continued fears of "overheated" property markets at home we still see prices and rents close to decade lows on an income-adjusted basis.
We'll continue to hold the market for now. Singapore is not an "Asian tiger" by any stretch, but as long as domestic demand is broadly growing we're happy to maintain exposure ... subject to a review of trends again in the first half of 2026.
Momentum Rolls Off a Bit in Singapore (PDF)
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