R Sivanithy

When it comes to the outlook for 2026, the “known unknowns” far outnumber what is known, says the writer.
THINKING ALOUD

Investors must reckon with unknowns

Take the market outlooks with a pinch of salt and watch for true surprises

The Nasdaq MarketSite in New York, US, on Thursday, Nov. 20, 2025. Central Bancompany Inc., a holding company for a regional lender, jumped 7% in its trading debut after it raised $373.4 million in an initial public offering. Photographer: Michael Nagle/Bloomberg
THINKING ALOUD

Equity Market Development Programme: We’ve built the field, now will the players come?

While bolstering demand is important, revitalising the supply side of the market is equally essential for a vibrant equities ecosystem

Singapore's economy continues to be a concern as key exports are affected by US tariffs. Generic pictures for stories related to SGX, corporate actions, disclosure or change of interests, product listings, trading status and market performance
THINKING ALOUD

Governance-based market indices are worth exploring

A Singapore Governance Leaders Index would reward transparency, responsibility and board quality while enabling meaningful distinction between firms

Since an IPO aspirant is effectively taking money from the public, shouldn’t the public be told upfront where their money is going?
THINKING ALOUD

Clearer disclosure of IPO investment proceeds needed

The public should know the use of funds upfront, in terms of every S$1 invested – not every S$1 the company receives

Like many other places around the world, Singapore faces the apparent contradiction of a booming market alongside a tepid economy, says the writer.
THINKING ALOUD

Growing disconnect between stock market and underlying economy

The fundamentals of the domestic economy, which point to steady but unspectacular growth, do not really justify unbridled optimism

Hong Kong’s aim is for its index to represent the economy, while the STI is more a benchmark for the market than the economy.
THINKING ALOUD

Should stock market indices represent the market or the economy?

While the Hang Seng expands to mirror Hong Kong’s economy, the Straits Times Index narrows its focus, raising questions about the purpose...

Financial products are likely to get more complex – and not simpler – over time
THINKING ALOUD

Independent body needed to provide guidance to investors for complex products

Its very existence would likely force the industry to pay more attention to proper explanations and disclosures before any selling is undertaken...

Even though the Fed has hiked rates eleven times from March 2022 to July 2023, Wall Street continues to scale new heights because of the entrenched position the "Fed put" occupies.
THINKING ALOUD

Is the US Federal Reserve truly independent? The ‘Fed put’ says otherwise

The Fed is actually far from truly independent, often basing its actions on the health of the stock market

FILE PHOTO: An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar Su/File Photo
THINKING ALOUD

The time is ripe for ETFs on the mid and small-cap segments

Exchange-traded funds on both indices would benefit retail investors in many ways

Size, of course, does not equate to quality, but investors would find larger companies more appealing because they do hold certain advantages over smaller ones.
THINKING ALOUD

Time to revisit the ‘upsizing IPO’ strategy?

IN RECENT weeks, two relatively large initial public offers (IPOs) were announced: NTT’s data centre real estate investment trust (Reit), whose assets...