By BLOOMBERG

The erstwhile laggard stock benchmark of Singapore is seeing good fortunes this year as it vies with Saudi Arabia’s Tadawul All Share Index for the top spot among major gauges globally. 

The Straits Times Index has risen about 11% this year, almost as much as it did in 2021. The consensus target price indicates a gain of a similar magnitude over the next 12 months. 

There are still plenty of tailwinds for Singapore stocks. The city state’s plans for a major easing of virus curbs. Also the cyclical-heavy market continues to get a boost from a surge in U.S. Treasury yields, with financials making up the biggest weightings in the benchmark.

Singapore’s budget, set to be unveiled tomorrow, is the next key catalyst to watch.