Morgan Stanley: The Singapore stock market may provide good defensive exposure.

Morgan Stanley's research team said in a report that Singapore stocks remain their top defensive exposure. The country's stock market valuation is attractive, with a future P/E ratio of 14.3 times and a dividend yield of up to 4%. Capital market reform measures are also expected to further drive the stock market up. Morgan Stanley believes that financial stocks are the best investment in the market. New measures supporting the Singapore stock market include injecting liquidity, which could bring surprises to the market. Morgan Stanley reiterated its constructive view on the Singapore stock market.