Singapore stocks are 'not expensive' — here are some top picks by a major Asian bank

Auditorium of the Singapore Exchange (SGX).
Roslan Rahman | AFP | Getty Images

Singapore stocks are "not expensive" and the market remains attractive for investors, said a major Asian bank.

Many investors like Singapore for the so-called "cyclical" stocks which track the economy's strength, and are expected to do well when the global economy recovers from the pandemic.

That has helped Singapore stocks to record one of the strongest gains in Asia this year. The benchmark Straits Times Index has climbed about 11% this year, outperforming most regional markets.

As valuations climb in many stock markets, Singapore is one of the few with undervalued stocks to pick, said the country's second-largest bank Oversea-Chinese Banking Corp<