Singapore equities market outperforms in Q1; derivatives dominate

Singapore Exchange (SGX Group) reported significant YoY growth in April 2024, with derivatives volumes up 36% across equities, foreign exchange (FX) and commodities. 

The exchange’s FX futures traded volume rose by 95% YoY to a record high, reaching 4.8 million contracts – driven by IND/USD trades, which jumped 98% in April. The volume of FX options, on the other hand, decreased significantly YoY – down 48%.

ETFs also had a good quarter, with their market turnover value surging 96% YoY in April to a two-year high of S$487 million, driven by real-estate investment trust (REIT) and gold ETFs amid uncertainties over the path for US interest rates. 

Equity futures volumes were 242,614, up 12% YoY from 217,249. Compared to March 2024, an increase of 13% was noted, rising from 210,873. 

The securities market saw S$25.5 billion in turnover over April 2024, up 37% YoY from S$18.6 billion. This marks a recovery from the mild month-on-month decline seen between February and March (S$25 billion to S$23.7 billion).  

Securities daily average was valued at S$1.2 billion, up 24% YoY and 1% on March, which SGX states outperforms the majority of Southeast Asian markets. 

In the derivatives market, total trading volume increased by 36% from 17.7 million to 24.1 million contracts traded. Average daily volumes were up 11%, from 5 million to 5.6 million contracts traded. 

©Markets Media Europe 2024

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