Value of SGX firms at record year-end high

[pianist]

""The market value, also known as the market capitalisation, of all SGX firms at yesterday's close was $846.1 billion. This beat the $797.8 billion on Dec 31, 2007, at the end of the previous boom before the recession battered the market.""

does anyone has idea though in terms of market capitalisation, we are at all-time high..however the current STI-index still has some hundreds of points to climb before its all-time high record..why is there a difference?