Maybank Securities’ Thilan Wickramasinghe was the most optimistic with a “buy” call and a higher target price of $25.25, from $20.37 previously. “SGX’s May equity market turnover shows an accelerating trend towards a higher baseline velocity. This should drive structurally higher SDAV in the medium term,” he writes in his June 12 report.
The old market adage is to sell in May and go away, but whether that is accurate — or applicable to — trading activity on the Singapore Exchange (SGX) (SGX:S68
) has again come in strong, prompting some analysts to raise their already bullish views on this stock.
During the month, securities market turnover rose by 70.4% y-o-y to $45.8 billion. Securities daily average value (SDAV) increased by 79.4% y-o-y to $2.4 billion, the highest since October 2007. Derivatives traded volume was also up by 20% y-o-y to 30.5 million contracts, while daily average volume grew by 27% to 1.6 million contracts, the third-highest on record.
