The total market capitalization of companies listed on the Singapore Exchange stood at $940.6 billion at the end of January, up 20 per cent from the year-ago level and 6 per cent month-on-month. That was the highest market cap since its peak in 2007, just before the global financial crisis.
Analysts saw a few factors at work. First, in the United States, legislators struck a deal that averted a "fiscal cliff".
"Globally stock markets have rallied over the month on relief that the US fiscal cliff passed," CIMB head of research Kenneth Ng said.