[SGX Market Cap Shrinks by Approximately $4.2 Billion from August Peak; Citi, JPMorgan, and Macquarie Downgrade Ratings] According to Bloomberg, Singapore Exchange (SGX) shares continued to decline on Monday, with its market capitalization shrinking by approximately $4.2 billion from its August peak as concerns over its high valuation intensified. Citi, in its October 2 report, lowered its target price to 17.70 SGD (implying nearly 16% downside from last Friday's closing price), maintained a "Sell" rating, and placed SGX on its 90-day "Negative Catalyst Watch." JPMorgan downgraded SGX to "Neutral" last week, while Macquarie downgraded it to "Underperform" in mid-September. Since hitting a record high on August 26, SGX shares have fallen 19%, making it the worst-performing component stock of the Straits Times Index during the same period. The stock is currently trading at approximately 26 times its projected earnings for the next 12 months, higher than its 10-year average of 22 times and the index's level of around 16 times. Citi also lowered its earnings forecast for SGX, citing risks from sluggish iron ore trading and volatility in bank stocks.