You enter an order to buy a particular stock at 20 cents but throughout the day it traded higher than this price on the stock market. At the end of the day, the order expires.

But this will no longer be the case in future, with the Singapore Exchange (SGX) launching long dated order types that allow investors to retain buy or sell orders for longer than the usual one day.

With long dated orders, investors can specify the number of days they want their orders to stay active.

Orders can be kept active for a maximum 30 days unless they are completed or cancelled. This compares with the usual practice of un-executed orders automatically expiring at the end of the trading day.

SGX head of securities Jenny Chiam said: "We are pleased to be able to offer long-dated orders at the exchange level. This builds upon similar features which certain brokers currently offer some customers.

"By making this available to all brokers who can then choose when and who to offer this service to, we enable greater flexibility for investors transacting in the securities market."

Long dated order types will suit investors who want to transact only when a stock reaches a specific price level without having to place a fresh order each day, she noted.