From 5 October 2026, DBS Group Holdings Ltd (SGX: D05), Oversea-Chinese Banking Corporation Limited (SGX: O39), or OCBC, United Overseas Bank Limited (SGX: U11), or UOB, and eight other stocks trade in lots of 10 shares instead of 100.
| Stock Name | Ticker | Currency | Closing Share Price (9 Oct 2026) |
| DBS Group Holdings Ltd | SGX: D05 | SGD | S$73.36 |
| Oversea-Chinese Banking Corporation Ltd (OCBC) | SGX: O39 | SGD | S$29.00 |
| United Overseas Bank Ltd (UOB) | SGX: U11 | SGD | S$39.96 |
| Singapore Exchange Limited (SGX) | SGX: S68 | SGD | S$20.73 |
| Great Eastern Holdings Limited | SGX: G07 | SGD | S$19.00 |
| Jardine Matheson Holdings Limited | SGX: J36 | USD | US$56.73 |
| Jardine Cycle & Carriage Limited | SGX: C07 | SGD | S$25.83 |
| Keppel Ltd. | SGX: BN4 | SGD | S$10.52 |
| Haw Par Corporation Limited | SGX: H02 | SGD | S$12.77 |
| Venture Corporation Limited | SGX: V03 | SGD | S$16.29 |
| Prudential plc | K6S | USD | US$11.60 |
The aim is to make blue-chip stocks easier for small investors to buy, and more small investors should mean more trading.
So, has trading volume risen?
What Changed with SGX’s Board Lot Size Reduction?
Before 5 October, all 11 stocks traded in lots of 100 shares, the standard since January 2015, when SGX cut it from 1,000.
Under the new rules, stocks priced between S$10 and S$100 can trade in lots of 10 shares, and those above S$100 in single shares.
So far, only the first 11 qualifying stocks have switched.
Together, the 11 stocks made up roughly 35% of SGX trading activity in the first half of 2026.
Only the minimum order size changes, so the share prices, dividends per share and valuations stay untouched.
A stock that moves to a smaller lot keeps it even if its price later falls, and the Singapore Exchange (SGX) will review more stocks every quarter from January 2027, using July to December closing prices.
For stocks priced above S$10, buying in lots of 10 instead of 100 cuts the cost of entry by 90%.
SGX expects the change to lower barriers to participation and improve affordability for retail investors.
More participation could, in turn, support liquidity.
Did Trading Volume Actually Increase?
The banks make a poor test case.
On 7 October 2026, OCBC fell 5.9% after Citi downgraded it to sell, and DBS and UOB also closed lower.
Moves like that lift volumes on their own, so the analysis looks at five eligible names less affected by the bank sell-off: SGX, Keppel, Jardine Cycle & Carriage, Haw Par Corporation and Venture Corporation.
We compare two periods: the 20 trading days from 7 September to 2 October, before the change, and the five sessions from 5 to 9 October, after it.
We look at two measures: average daily volume (ADV), which is the number of shares traded each day, and average daily value, which is the number of shares traded multiplied by the closing price.
Table 1: Trading volume data
| Stock | ADV before (millions of shares) | ADV after (millions of shares) | % change | Average daily value before (S$’million) | Average daily value after (S$’million) | % change |
| SGX | 3.53* | 4.03 | +14% | 79.5 | 84.0 | +6% |
| Keppel | 4.00 | 5.70 | +43% | 45.4 | 61.4 | +35% |
| Jardine Cycle & Carriage | 0.22 | 0.66 | +200% | 5.9 | 18.0 | +205% |
| Haw Par Corporation | 0.29 | 0.34 | +17% | 3.9 | 4.4 | +13% |
| Venture Corporation | 0.90 | 0.73 | -19% | 15.0 | 12.1 | -19% |
Jardine Cycle & Carriage appears to have benefitted the most, suggesting the highest-priced stock benefitted disproportionately.
However, we don’t see this effect flow to SGX and Venture Corporation, both priced higher than Keppel.
Four of the five stocks saw a higher average daily value.
That said, we caution that there are nuances to the data: too few trading sessions have passed and short-term trading volumes may be driven by market sentiment, individual company announcements or general trading conditions.
Why Smaller Board Lots Could Encourage More Trading
The most obvious draw is the lower upfront cost.
Previously, one lot of DBS shares cost roughly S$7,300; now, you can buy shares of the bank with just about S$730.
That also makes it easier to spread money around.
About S$900 now buys 10 shares each of SGX, Keppel, Jardine Cycle & Carriage, Haw Par Corporation and Venture Corporation.
Previously, such a basket would have cost roughly 10 times as much.
Regular investing gets easier too.
Before, an investor who set aside S$500 a month would take about 15 months to buy one board lot of DBS shares; now, it takes just two months.
The Catch: Brokerage Fees Still Matter
Many brokers charge a minimum commission per trade, and a small order feels it most.
A hypothetical S$27 minimum fee on a S$730 purchase (10 DBS shares) works out to 3.7% of the amount, compared with just 0.37% on S$7,300.
Over a round trip, the share price must climb about 7.4% just to break even for the former and roughly 0.74% for the latter.
What you pay depends on the type of brokerage account.
Traditional brokers have usually charged a percentage commission with a minimum fee of roughly S$8 to S$27, though some have started reducing minimums on small trades since the change.
Lower-cost trading platforms charge far less, typically a small percentage with a minimum of a few dollars, or none at all.
A lower entry price only helps if commissions stay small relative to the amount invested.
Anyone who buys 10 shares at a time also pays that commission on every purchase.
What Should Investors Watch Next?
It’s too early to tell whether the pickup in trading will last.
The real test is whether volumes stay above their pre-change pace moving forward.
The next few months of trading data should reveal plenty.
Total volume is only part of the picture.
Large institutional orders can swamp it, so the share of trades below 100 shares, the number of trades and the median trade size are better gauges of small-investor participation.
A lower entry price also changes nothing about what the underlying company earns; share prices will still follow earnings and dividends.
Get Smart: Accessibility Is Only the First Step
Smaller lots put the market’s priciest stocks within reach of small investors.
The early trading data is encouraging but far from conclusive.
Four of the five stocks recorded higher average daily volume than before the change.
Jardine Cycle & Carriage posted the biggest jump.
At about S$25, it is the highest-priced of the five, but company news may also have played a part: it is selling its Cycle & Carriage motor businesses, is changing its name and has proposed a special dividend.
If a high share price alone drove trading, SGX and Venture, both priced above Keppel, should have gained more than Keppel did, but they didn’t.
Transaction costs matter, too, so check your broker’s fee schedule and avoid trading just because it’s cheap to start.
The real test is whether liquidity and participation hold up over several months, not one busy week.
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Disclosure: Wilson H. does not own shares of any of the companies mentioned.
