Macquarie Downgrades Singapore Exchange to Underperform

Singapore Exchange (SGX) has been cut to underperform from neutral by Macquarie, citing a decline in volumes and revenue. SGX has seen a drop in volumes and revenue due to the COVID-19 pandemic and a shift towards electronic trading. The downgrade comes as SGX faces increased competition from rival exchanges and a decline in its market share. The exchange has also been impacted by the exit of several international companies from the Singapore market. Despite the challenges, SGX remains a key player in the Asian exchange market and is expected to continue to face intense competition.