RHB Group Research is keeping its ‘buy’ rating for Singapore Exchange (SGX) with an unchanged target price of $11.60, as its Singapore research team is confident that trading momentum will keep up for the rest of FY2021 ending June.

“Both securities average daily value (SADV) and derivatives average daily volume (DADV) saw q-o-q improvements in 3QFY2021 ended March despite the y-o-y normalization from the 3QFY2020 high base,” the team writes in an April 19 research note.

Total equity trading value and SADV during 3QFY2021 came in at $94.2 billion and $1.52 billion which were 7.1% and 5.6% lower y-o-y respectively.

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