Singapore is now the largest stock market in Southeast Asia by total market capitalization, overtaking Indonesia, according to data compiled by Bloomberg and cited by multiple outlets. The value of shares listed in Indonesia declines to about US$618 billion after falling more than 30% from a January peak, reflecting weaker market performance and changing investor sentiment in recent months. In contrast, Singapore’s listed companies’ market capitalization rises to about US$645 billion. The shift indicates a reversal of the earlier period when Indonesia held the regional top position, though the reports focus on the relative size of the two markets and the extent of Indonesia’s decline from its peak. One outlet also notes that investor sentiment in Indonesia has soured amid uncertainties related to potential equity-linked developments, which have contributed to a more cautious outlook. Across the coverage, the central point is that measured by market capitalization, Singapore’s equity market has grown relative to Indonesia’s, with the gap widening as Indonesia’s value declines.