Singapore’s May market cap up 0.7% largely on Nio inclusion; STI value falls 3.3%

THE total market capitalisation of Singapore stocks inched up 0.7 per cent to S$880.8 billion in May — but the devil is in the details, with analysts noting declines if not for the secondary listing of Chinese electric vehicle (EV) maker Nio on the bourse.

The EV giant debuted on the Singapore Exchange (SGX) Mainboard on May 20, and has since made it on the list of the bourse’s 10 biggest stocks, coming in seventh with a S$39.2 billion market cap as of market close on Tuesday (May 31).

This could explain why the total market cap of counters listed on the mainboard rose 0.7 per cent to S$870.8 billion, even as the value of companies on the benchmark Straits Times Index (STI) and Catalist-listed counters diminished.