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Singapore's export-oriented economy has been vulnerable to shocks such as the COVID-19 pandemic. (Photo by Akira Kodaka)
Market Spotlight

Singapore's 'old economy' stock market misses global tech rally

Index underperforms Asian peers as pandemic hits legacy businesses

KENTARO IWAMOTO and DYLAN LOH, Nikkei staff writers | Singapore

SINGAPORE -- Late last month, Singapore's investors flocked to a little-known company that debuted on the local exchange -- hoping to capture some of the magic of high-flying technology stocks that the city-state's market has long been missing.

In what was the biggest IPO on the Singapore Exchange (SGX) in years for a company other than a real estate investment trust, Nanofilm Technologies International made its debut on Oct 30, raising over 470 million Singapore dollars ($340 million).

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