Reits, tourism-related stocks top picks amid Singapore market’s resilience in 2024

SINGAPORE stocks are expected to stay resilient in the coming year, amid expectations of easing interest rates and continued tailwinds from the tourism rebound. Market watchers said investors must be more selective in their sector choices, however, as the benchmark Straits Times Index (STI) is expected to perform only modestly in 2024.

Analysts who spoke to The Business Times said investors could see outperformance in sectors such as real estate investment trusts (Reits) and tourism-related counters.

According to UOB Kay Hian, Singapore’s blue-chip index – which closed at 3,214.40 points on Thursday (Dec 28) – is expected to finish at 3,290 points at the end of 2024. This is assuming the index constituents report an average 2.4 per cent earnings per share (EPS) growth for 2024, and that it trades at 12.5 times earnings and 1.04 times book value.