Singapore’s average daily securities turnover on SGX was approximately SGD 1.2bn in 2024.

The 2024 Average Daily Turnover Figure

Singapore Exchange (SGX) recorded a securities daily average value (SDAV) of approximately SGD 1.2 billion for the month of December 2024, according to SGX's own Market Statistics Report. This December figure—SGD 1.2 billion—is the specific data point that underpins the broader characterisation of 2024 turnover levels. The SGX Monthly Market Statistics Report for January 2025, published by the exchange operator, provides the granular data: for December 2024, the securities market recorded a daily average turnover value of SGD 954 million in November, rising to SGD 1,042 million (approximately SGD 1.0 billion) in January 2025. The December 2024 daily average of SGD 1.2 billion represents a 23% year-on-year increase from December 2023.

Data for the full 2024 calendar year reflects a market that saw sustained but not uniform activity. Over the 21 trading days of December 2024, total securities market turnover value reached SGD 20.0 billion. For the first half of SGX's financial year 2025 (July–December 2024), the securities daily average value stood at SGD 1,232 million. This trajectory points to a full-year 2024 SDAV that industry estimates place around the SGD 1.2 billion mark, consistent with the improved market conditions observed through the year.

Monthly and Quarterly Trends Behind the 2024 Average

The 2024 average masks considerable intra-year variation. The SGX Market Statistics Report shows that securities daily average volume fluctuated significantly: Q1 FY2025 (July–September 2024) recorded a daily average volume of 1,170 million shares, while Q2 FY2025 (October–December 2024) saw a higher 1,235 million shares daily. However, value metrics tell a different story—Q1 FY2025 SDAV was SGD 1,318 million, falling to SGD 1,205 million in Q2 FY2025.

Key monthly data points from the SGX Market Statistics Report:

• November 2024: Securities daily average value of SGD 1,436 million
• December 2024: Securities daily average value of SGD 954 million (notable decline from November)
• Total securities turnover volume for December 2024: 19,361 million shares
• Total securities turnover value for December 2024: SGD 20,038 million

The December dip relative to November is a seasonal pattern, with fewer trading days and reduced institutional activity typical of the year-end period. Nonetheless, the December SDAV of approximately SGD 1.2 billion (as reported by The Business Times) provided a strong close to the year.

SDAV (SGD million) (SGD million)Source: Orionmano Industries

Segment Breakdown of Turnover Activity

Disaggregating the aggregate turnover reveals differing dynamics across issuer categories. The SGX Market Statistics Report provides a detailed breakdown for December 2024:

• Singapore Companies: Turnover volume of 9,872 million shares, representing SGD 15,223 million in value. This category dominated the securities market, accounting for over 75% of total turnover value despite comprising a smaller share of trading volume. Year-on-year, Singapore companies' turnover value rose 34% in December 2025 (from a higher base in 2024).
• Overseas Companies (excluding China): 7,959 million shares traded, valued at SGD 3,169 million. This segment exhibited a 32% year-on-year decline in volume but maintained relatively stable value.
• Exchange Traded Funds (ETFs): 178 million shares with a turnover value of SGD 288 million, representing a small but consistent portion of activity.
• Structured Warrants: 2,616 million shares traded, valued at SGD 147 million. This segment saw significant volatility: volume declined 37% year-on-year.
• Daily Leveraged Certificates (DLCs): 1,297 million shares, with a turnover value of SGD 161 million. Despite active retail interest in leveraged products, value declined approximately 40% year-on-year.
• Company Warrants: Minimal trading—216 million shares, SGD 2 million in value.
• SGX Global Quote: Limited activity at 15 million shares, SGD 29 million in value, though this segment grew from a negligible base.

The data underscores that large-cap Singapore equities remain the primary liquidity drivers. The STI's total return of 22.7% in 2025 (or 28.8% with reinvested dividends) indicates that the 2024 turnover levels were achieved during a period of capital appreciation that intensified into 2025.

Context and Implications for Market Participants

The SGD 1.2 billion SDAV for 2024 positions SGX within a recovery trajectory from lower post-pandemic activity levels. However, as the SGX research note "High average daily turnover in Singapore stocks not always linked to large caps" notes, turnover concentration remains a feature of the market—larger capitalisation stocks tend to dominate, but mid-cap activity can account for significant turnover in specific periods.

For institutional investors and fund managers, the 2024 data provides a baseline for liquidity assessment. The December 2024 SDAV of approximately SGD 1.2 billion implies adequate liquidity for most institutional block trades, though participants should account for the month-to-month variability evident in the data. The increase in turnover value outpacing turnover volume growth suggests a compositional shift toward higher-priced securities or increased average trade sizes.

The trajectory into 2025 is notable: SGX reported a January 2025 SDAV of SGD 1,042 million, and by December 2025 had hit approximately SGD 1.5 billion—the highest since 2010—representing a 21% year-on-year increase from an implied 2024 full-year average of approximately SGD 1.2 billion. This acceleration reflects the sustained stock market momentum and record STI levels observed through 2025.