Investing.com -- JP Morgan analysts have upgraded Singapore equities to overweight, as announced on Wednesday. The upgrade is attributed to attractive valuations, high dividend yields, and government efforts to rejuvenate the domestic stock market.
JP Morgan analysts stated in a note, "We believe the household and business supports should keep economic activities strong, whilst investment into innovation and boosting the equities market would open up new opportunities for growth."
Following the announcement of Singapore’s budget on Tuesday, JP Morgan analysts established a bullish target for the Singapore benchmark index at 4,200. This figure suggests an approximate 6% increase from the index’s current levels.
The Singapore benchmark index reached a record high of 3,949.65 on Wednesday. It has seen a 4% increase so far in 2025, after a 17% rise in 2024, primarily fueled by bank stocks and positive sentiment regarding measures to revive the stock market.
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