RHB Group Research has raised the target price accompanying its ‘buy’ rating for Singapore Exchange (SGX) from $11.60 to $12.30 following ‘robust’ trading momentum in May.

RHB’s Singapore research team notes that securities and derivatives trading both picked up last month. Total securities trading value rose 12% y-o-y to $30 billion, while securities average daily value (SADV) grew 6% y-o-y. For derivatives, total contracts traded grew 6% y-o-y to $18 million, though derivatives average daily value (DADV) remained flat.

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