Indonesia loses Southeast Asia's largest stock market crown to Singapore
The total market capitalisation of the Singapore Exchange has overtaken Indonesia's, making it Southeast Asia's largest stock market. A weaker Indonesian rupiah and strong gains in Singaporean bank stocks drove the shift.
The Singapore Exchange has overtaken Indonesia's bourse to become Southeast Asia's largest stock market by capitalisation. According to data cited by SCMP, the three big Singaporean banks — DBS, OCBC and UOB — have generated double-digit returns since the start of the year, while Indonesian tech and commodity names have been under pressure.
The rupiah's depreciation against the US dollar has materially shrunk Indonesia's dollar-denominated market value. The Singapore dollar, by contrast, has held relatively steady, boosting SGX capitalisation. The gap between the two markets reportedly runs to several hundred billion dollars.
Regional portfolio managers say Singapore is standing out for financial stability and currency predictability at a moment when global risk appetite has narrowed. The Indonesian bourse is aiming to set a floor through new listings and pension-fund reforms.
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