STI closes at 4,546.07 after new high

The index’s valuation continues to rise but remains below pre-2008 levels.

Singapore’s Straits Times Index (STI) reached a new all-time high of 4,575.91 on 13 November 2025, before closing at 4,546.07 on 14 November.

The benchmark index has returned 20.0% year-to-date on price and 25.8% in total return terms, driven by a stronger second half. Bloomberg’s consensus target for the STI was revised up by 12% in the second half of 2025, compared to just 2% in the first half.

Investor interest in STI exchange-traded funds (ETFs) has grown in tandem. Combined assets under management for the SPDR STI ETF and Amova STI ETF reached $3.38b, with $349m in net inflows year-to-date, including $65m in October alone.

That month also saw the highest monthly trading activity since April, with average daily turnover at $6.5m.

Between 2019 and 14 November 2025, the two ETFs delivered an annualized total return of 10.2%, with dollar-cost averaging showing a compound annual growth rate (CAGR) of 8.3%, compared to 10.2% for lump-sum investing.

Whilst Singapore’s three major banks—DBS, OCBC, and UOB—still represent the largest sector weighting in the STI (50.4%), their influence has eased slightly from 53.7% at the end of 2024.

In the third quarter, the three banks delivered combined non-interest income of $5.06b, up 13% QoQ, whilst net interest income remained above $8b for a 12th consecutive quarter.

OCBC posted a 7% increase in total income, driven by 35% growth in wealth-management fees and a record $336b in assets under management (AUM).

DBS gained 3% whilst UOB saw a 2% decline after setting aside a $615m pre-emptive provision, lifting its general allowance to 1% and non-performing asset coverage to 100%.

The index’s valuation continues to rise but remains below pre-2008 levels. The STI traded at a price-to-book (P/B) ratio of 1.5x as of 14 November, up from 1.3x at mid-year, but still below the ~2.0x range seen pre-GFC.

The median P/B ratio across STI constituents held steady at 1.2x. ST Engineering led the market with an 85% total return in 2025 and the highest P/B of 9.8x, whilst Hongkong Land had the lowest P/B at 0.5x yet ranked among the top-performing stocks.

DBS maintained the highest average daily turnover at $224m, whilst the total market cap across STI constituents stood at $681.8b, with aggregate daily turnover at $1.18b and net institutional outflows of $2.57b.

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