Singapore overtakes Indonesia as region's largest stock market, valued $645bn
Singapore has now overtaken Indonesia as the region's largest stock market, with a total value of $645 billion versus Indonesia's $618 billion (as of May 2026).
This shift happened after Indonesia's market tumbled over 30% since January, mainly because investors are worried about possible downgrades and recent credit rating outlooks cut to negative from Fitch and Moody's.
Singapore resilience amid Indonesia's $360bn selloffs
Singapore's steady economy and government reforms have helped its market stay strong, even when things get shaky globally, making it a go-to spot for cautious investors.
Meanwhile, Indonesia has seen huge selloffs (about $360 billion this year), and things could get tougher if more stocks are removed from key indexes, possibly leading to another $2 billion leaving the country.
Policymakers in Indonesia are trying to boost confidence, but challenges like a weak rupiah aren't making it easy.