OCBC says it had expected that SGX would be a beneficiary of "heavier-than-average trading volume", coupled with a pullback in its share price then given "broad equity market weakness from the tariff situation".
The total value of shares traded on SGX in the 18 trading days ended April 25 was $36.5 billion, which already exceeded the $25.2 billion in traded value over 21 trading days in the entire month of April 2024.
The value of shares traded was "exceptionally high" on April 7 ($4.2 billion) and April 8 ($3.5 billion), after US President Donald Trump's "Liberation Day" tariff announcements.
On an average daily basis, the value of shares traded on SGX came in at $2.03 billion for April until April 25, $1.47 billion for March, $1.47 billion for February and $1.03 billion for January.
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Respectively, these figures were 68.8%, 24.7%, 18.4% and 11.9% higher y-o-y to their corresponding months in 2024.
OCBC has increased its FY2025 and FY2026 core earnings per share forecasts both by 2.0%, and lifted its target price-to-earnings (P/E) multiple peg from 23.0 times to 23.6 times.
Shares in SGX closed 22 cents higher, or 1.57% up, at $14.36 on April 30.
