Singapore Exchange (SGX) ended 2024 with 637 listed companies and a combined market capitalization of approximately SGD 800 billion, according to market data. DBS Group Holdings became the first Singapore-listed company to surpass SGD 100 billion in market capitalization during the year.

Market Structure and Aggregate Value

As of end-2024, Singapore Exchange (SGX) hosted 637 listed companies with a combined market capitalization of approximately SGD 800 billion. This figure reflects the aggregate valuation of primary and secondary listings across SGX Mainboard and SGX Catalist, the exchange’s sponsor-supervised listing platform for growth enterprises. The count includes both Singapore-incorporated firms and overseas companies, the latter comprising entities from China and other jurisdictions.

The total market capitalisation of listed securities on SGX stood at SGD 995.1 billion as of September 2024, according to SGX’s monthly statistics report, before settling to approximately SGD 800 billion at year-end. The decline between the September 2024 peak and the December 2024 close reflects typical year-end market adjustments and seasonal trading patterns. SGX Catalist accounted for approximately 9,105 listed securities at its September high, with a market capitalisation of SGD 196.3 billion from secondary-listed overseas companies alone.

Concentration Among Top Capitalisations

The SGX equity market remains heavily concentrated among a small cohort of large-capitalisation stocks, most notably Singapore’s three major banks. DBS Group Holdings, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) together represent the dominant weight in the Straits Times Index and account for a disproportionate share of total exchange market capitalisation.

In May 2024, DBS became the first Singapore-listed company to cross SGD 100 billion in market capitalization, a milestone the bank highlighted in its 2024 annual report. By year-end, DBS’s market capitalisation had further increased to approximately SGD 124 billion, driven by total shareholder returns of 51%—the highest in DBS’s history outside crisis-rebound years—comprising a 44% share price gain and a 7% dividend return. The bank’s record earnings and confidence in its continued performance underpinned these returns, alongside market recognition of DBS’s franchise strength from its 15-year structural transformation.

OCBC and UOB ranked second and third among Singapore’s largest companies by market capitalisation as of September 2024, according to market data compiled by CompaniesMarketCap.com. In USD terms, OCBC was valued at approximately USD 59.5 billion and UOB at approximately USD 48.2 billion at the time of measurement. The three banks alone likely accounted for more than one-quarter of total SGX market capitalisation.

Market Capitalisation (USD billions)Source: Orionmano Industries

Listing Composition and Sector Distribution

The SGX market comprises a diverse mix of domestic and international issuers. Based on available market data, Singapore-incorporated companies form the core of primary listings, supplemented by overseas companies from China and other regions. The exchange maintains two listing tiers: SGX Mainboard, for established companies meeting higher market capitalisation and financial track record requirements, and SGX Catalist, which provides a sponsor-supervised admission pathway for growth-stage enterprises.

As of September 2024, total primary-listed securities on SGX Mainboard numbered approximately 608–620, with 205 primary listings on SGX Catalist. Secondary-listed securities—predominantly overseas companies—numbered 375 Singapore-incorporated firms, 28 overseas companies (excluding China), and 4 China-incorporated entities. The exchange reported that total market capitalisation for secondary-listed securities stood at approximately SGD 196.3 billion as of September 2024.

Sector allocation data from CEOWORLD magazine’s 2024 ranking of Singapore’s largest companies illustrates the composition of market capitalisation. Beyond banking and telecommunications, the top 30 companies by market capitalisation include firms in agribusiness (Wilmar International at USD 15.2 billion), aviation (Singapore Airlines at USD 14.3 billion), conglomerates (Jardine Matheson at USD 11.9 billion), engineering (Singapore Technologies Engineering at USD 11.9 billion), and real estate investment trusts (CapitaLand Integrated Commercial Trust at USD 10.7 billion). Energy and infrastructure names such as Keppel Ltd., Sembcorp Industries, and Yangzijiang Shipbuilding also feature prominently.

Market Capitalisation Trends and Comparative Context

The SGD 800 billion aggregate market capitalisation at end-2024 places SGX among Southeast Asia’s largest stock exchanges by total value, though it remains substantially smaller than developed-market peers such as the Tokyo Stock Exchange or the Hong Kong Exchange. The exchange’s composition—heavily weighted toward financials and real estate investment trusts—results in valuation dynamics that differ from more diversified markets.

The September 2024 peak of SGD 995.1 billion in total market capitalisation represented a high point for the year, reflecting both earnings momentum in the banking sector and broader market optimism. DBS’s cross of the SGD 100 billion threshold in May 2024 was a notable milestone, drawing attention to the outsized role that the three local banks play in Singapore’s equity market. The bank’s year-end market capitalisation of SGD 124 billion implies that DBS alone represented over 15% of total SGX market capitalisation by the close of 2024.

For institutional investors and analysts tracking the SGX as a capital markets venue, the sustained concentration among financial sector stocks continues to be a defining structural feature. The three largest companies by market capitalisation—DBS, OCBC, and UOB—are all banks, and their performance heavily influences the direction of the broader exchange. This concentration carries implications for index construction, passive investment strategies, and the depth of the exchange’s equity capital markets.

The exchange’s ongoing efforts to diversify its listing pipeline through secondary listings of overseas companies and the development of SGX Catalist as a growth platform have contributed incrementally to market capitalisation. However, the dominance of financial sector stalwarts remains the primary driver of aggregate valuation trends.