In contrast to Southeast Asian neighbors, the Singapore equity market has continued to track the broad MSCI Emerging Markets boom, with indices up in 2026 as a whole albeit selling off in recent months. Do we still want to hold the market?

As before, the big question is the direction of the local property and construction. Singapore is not a rapidly growing consumption or tourism economy; instead, it's been the rebound in property prices and construction that have driven local gains to date. We do see more evident signs that construction momentum is now peaking - but with immigration and credit data remaining supportive we also still see room for further price upside.

As a result we'll continue to hold the equity market for now, but are becoming somewhat more cautious on the outlook and will be watching credit and earnings data for signs of fading growth.