"The STI has continued to reach fresh record highs each week into 2026, driven by upbeat earnings outlooks, a strong Singapore dollar (SGD), high dividends, and its status as a safe haven amidst global geopolitical uncertainties,” they write in their Jan 28 report. The STI closed at an all-time-high of 4,923.02 points on Jan 27. JP Morgan had increased its bull target to 5,000 points in July 2025 and sees the STI hitting 6,000 points in a "blue sky" scenario by September this year.
JP Morgan analysts Khoi Vu, Rajiv Batra, Mervin Song, Terence Khi, Harsh Modi, Ranjan Sharma, Sumedh Samant, Karen Li and Sigrid Qiu now see the Straits Times Index (STI) reaching 6,000 points in their base-case scenario.
In a bull case, the analysts believe the index could climb further to 6,500 points.
