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Nomura sees Singapore stocks benefiting from the global economic reopening

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Chetan Seth of Nomura says the relative outperformance of Singapore stocks regionally has been driven by the country's banks.

before seeing a partial recovery. It last sat at 1.2816%. Yields move inversely to prices, so a decline in the former means investors are buying bonds and pushing prices up.

Looking ahead, Seth said Singapore's banks can continue to do well if the U.S. 10-year Treasury yield returns to 1.6% or 1.7%.Seth said Nomura is currently "underweight" on Malaysian stocks as the structure of the country's market is "not really conducive to sustain outperformance."because parts of the market — let's say glove makers — did very well," he said.

Malaysia was one of the few markets in Southeast Asia that saw growth in 2020. That came as shares of glove makers such as

 

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