Singapore Exchange shares rose Monday morning after the country's central bank unveiled measures aimed at boosting the local equities market.

Shares were recently 5.55% higher at 13.51 Singapore dollars, equivalent to US$10.14. Earlier Monday, SGX shares rose as much as 8.4% to S$13.88, the highest intraday level since Feb. 12.

The central bank's package features some tax incentives laid out in the 2025 budget earlier this month, the Monetary Authority of Singapore said after market close last Friday. The measures also seek to streamline public listing processes to make Singapore's equities market more competitive.

The measures were announced by a review group set up by the central bank last year to boost the local market's appeal to investors and companies seeking to list and access growth capital.

The new measures could drive significant inflows into Singapore's equity market, Citi Research economist Wei Zheng Kit said in a note.

"While the timing of these inflows remains uncertain, the potential scale suggests a meaningful impact on market liquidity, particularly benefiting mid-cap and high-yield stocks, with mandates likely focusing on broadening the market," the economist said.