JPMorgan Sees STI Hitting 7,000 in Bull Case Over Next 12 Months
Singapore's stock market has been on a tear in 2026, driven by investors seeking safe havens from geopolitical tensions and AI-driven volatility. The Straits Times Index (STI) has gained over 23% this year, outperforming its rival financial hub Hong Kong.
JPMorgan Chase has raised its target for the STI to 7,000 in a bull case scenario over the next 12 months, implying a 22% upside from Tuesday's close. The bank's analysts cited robust economic growth and a narrowing valuation gap with developed-market peers as key drivers of their outlook.
A goldilocks economic backdrop should continue to underpin earnings per share growth and empower fiscal room, according to JPMorgan's analysts. They also highlighted strong yields, stable currency, and the Equity Market Development Programme as factors that will enhance investor flows.