STI now is the worst index, means thailand, malaysia and indon index better than STI. What tech they have?
Thailand, Malaysia and Indonesia have local demand. They are closed stock markets and locals cannot access outside markets easily. For example, can you search for Thai, Malaysia, Indonesia, India or China A shares stocks on your IBKR? So the local money goes into local stocks.
In Singapore the population is very small and most people are happy with CPF returns and property market. Also people who are more savvy can easily access global markets from Singapore. So there is really no advantage for SG stocks, except for the 0% dividend withholding tax.
I wish SGX was more ambitious, in reducing fees and attracting more companies to list. But it seems, they dont really want SGX to become a gambling den, they are happy with the 2 casinos and the Singapore pools.