Singapore's stock market surged on Tuesday, hitting a 17-year high with analysts citing Monetary Authority of Singapore's efforts to boost stock markets.

South-east Asia’s top-performing stock market in 2024 is likely to continue its momentum into next year as Singapore unveils measures to revive its stock market, according to analysts at Morgan Stanley.

Singapore’s Straits Times Index, comprising 30 biggest companies in the city-state, hit a 17-year high on Tuesday, bringing its year-to-date gains to 17 per cent. It has outperformed regional peers, with the MSCI index of ASEAN stocks up 10 per cent over the same period.

Analysts are bullish on the overlooked market in the near term, citing central bank’s efforts to boost stock markets and the US election uncertainty favouring defensive positioning.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,738.42 and 3,766.93 throughout the day. It ended the session at 3,757.97, up 25.42 points or 0.68% compared to Friday's close.

In company news, shares of Oiltek International surged nearly 7% after the company's profit after tax rose by 83% to 9.0 million ringgit in the third quarter of the year from 4.9 million ringgit a year earlier.

Keppel will take over 13 legacy rigs held by Rigco following a selective capital reduction exercise, which will cancel all of Rigco’s shares that are not held by a Keppel unit as at the date of the announcement. On Tuesday, the group also said it plans to establish a private fund to own and manage the legacy rigs, as well as attract third-party capital. Shares of Keppel closed 2.13 per cent higher at S$6.72 on Tuesday.

International Cement Group or ICG was up nearly 6% after the cement manufacturer opened Korcem, the group's fourth integrated cement plant.

Meanwhile, shares of Prospera Global surged over 6% at the close after it utilized SG$1.4 million in proceeds raised from a placement activity in June.