Nov 2025 Singapore Market Update: MSCI Index, Sector Performance, and Investment Insights

The MSCI Singapore Free SGD index, known as SIMSCI, closed the month of November 2025 at 441.34 points, showing a decrease of 1.38% compared to the previous month. The decline in the index was primarily driven by the downturn in tech stocks such as Sea Ltd and Grab. Despite this decrease, CGS International has maintained its target for the 2025 SIMSCI at 463.8 points, which is based on a 15.5x forward price-to-earnings ratio. Additionally, they have set a long-term target of 482.00 points over an 8-month period. However, the short-term technicals indicate the possibility of further downside before a potential recovery.

In other market news, the non-oil domestic exports (NODX) in Singapore experienced a robust 22.2% year-on-year increase in October. This growth was led by both the electronics and non-electronics sectors. Conversely, inflation surpassed expectations, driven by escalating service, food, retail, and transport costs. During the third quarter of 2025, the earnings season revealed more positive surprises than negative ones. Sectors related to consumer goods outperformed, institutional investors were net sellers, and retail investors were net buyers in recent weeks.

Several noteworthy corporate actions occurred during this period. These included the spin-off of 8YZ from YZJFH, a private placement by 8YZ, the reclassification of Genting Singapore by MSCI into the small-cap index, and the forthcoming initial public offering (IPO) of medical technology firm UltraGreen.ai. Among the various sectors, consumer discretionary (retailing), consumer services, and staples outperformed, while utilities, transportation, and capital goods underperformed. Significant movements were observed in Singapore Telecommunications, OCBC, Sea Ltd, and Grab.

CGS International initiated research coverage on EGUH, BAM, and FR. These companies were identified as potential beneficiaries of Singapore’s construction upcycle. Furthermore, the Plantations sector was upgraded to an overweight rating. These changes and updates in the market landscape highlight the dynamic nature of the Singaporean financial sector. Investors should pay close attention to these developments as they navigate the ever-changing market conditions.