Singapore shares likely to end in positive territory, underpinned by gains in other Asian bourses, firmer US stock futures, says Dow Jones.

Still, prices not expected to head much higher given absence of catalysts. STI +0.5% at 3,112.36, with resistance at year-to-date high of 3,125.

Gainers still outnumbering decliners by 2 to 1 in broad market.

After recent gains, Singapore market “not inexpensive”, according to CLSA, as it trades at 14.3x forward earnings, or 1 standard deviation above its 5-year meanL “Thus, we continue to recommend a selective stock picking strategy. The investment themes that will work best are those exposed to tourism, the trend of rising corporate relocation to Singapore, and dividend yields.”

Flags UOB (U11.SG), Keppel Land (K17.SG), Golden Agri (E5H.SG), ComfortDelgro (C52.SG), Genting Singapore (G13.SG), CapitaMall Trust (C38U.SG), Singapore Airlines (C6L.SG) as favourites.