Industrial stocks lead the way in 2024; analysts upbeat on banking, tech sectors this year
The benchmark STI has risen 16.9% in 2024, marking its best year since 2017, though market watchers believe there is more room to grow
INDUSTRIAL stocks listed on the Singapore Exchange (SGX) had substantial gains in 2024 while performance across other sectors such as banking and real estate was varied. Market watchers attributed this divergence to global macroeconomic conditions and internal factors such as corporate restructuring.
Oiltek International led the charge among industrial stocks, emerging as the second-best performer with a remarkable 368.2 per cent rise in its share price last year. With dividends reinvested, the counter generated a total return of 402.6 per cent.
The surge was fuelled by strong demand for its biodiesel and oil refinery solutions, with analysts issuing “buy” calls on the back of its solid order book and the growing demand for sustainable aviation fuel.
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