Singapore wants to revive its stock market. Could major Asian markets have the answers?

For years, Singapore's regulators have been trying to boost the attractiveness of its stock exchange.

The city-state's economy may be larger than Hong Kong's, but the total value of listed companies on the Singapore Exchange is about 7 times smaller.

The total listed value of the securities market on the SGX in May was $798.55 billion Singapore dollars ($590.47 billion).

Meanwhile, the Hong Kong Exchange had a market capitalization of $32.9 trillion Hong Kong dollars ($4.21 trillion) at the end of May.

Analysts who spoke to CNBC say that possible solutions include engaging more with investors, and looking to "value up" programs such as those in Japan and South Korea.

Singapore's stock market may have been previously described as "boring" and "unexciting" — but in reality, the overall performance of the SGX's Straits Times Index is stronger than Hong Kong's benchmark Hang Seng Index.

The STI has seen yearly gains every year since 2021, except in 2023 when the stock market fell 0.34%. In contrast, the HSI recorded four consecutive years of losses, including declines of more than 10% a year between 2021 and 2023.

However, the Singapore bourse has been plagued by thin trading volumes and more delistings than listings.

Turnover velocity at the SGX, a measure of market liquidity, stood at 36% for the whole of 2023.

In comparison, data from the World Federation of Exchanges showed that the Hong Kong Stock Exchange recorded a turnover velocity of 57.35% in the same period, and 103.6% at the Japan Exchange — an indication that Japan saw total trades that exceeded its total market cap.

1. Value up programs

In a note on May 8, financial services provider CGS International suggested that one way to boost Singapore's stock market may be to