Singapore's export-driven economy is among the most vulnerable in the ongoing U.S.-China trade conflict, but major investors said its stock market could deliver attractive returns this year.

"It's very attractive and that's one of the reasons why we're actually overweight Singapore relative to other Asian equities," Kelvin Tay, regional chief investment officer at UBS Global Wealth Management, said on Monday.

Tay told clients at the UBS Wealth Insights forum that the bank actually has a bearish outlook on the Singapore economy. The bank expects the country's gross domestic product to grow by 2 percent in 2019, down from last year's estimated 3.3 percent and at the lower end of official forecast of 1.5 percent to 3.5 percent.

Singapore, a tiny but wealthy Southeast Asian country, relies heavily on exports to power its economy. Its exports of goods and services in 2017 were close to 200 percent of its roughly $300 billion GDP — among the highest globally, according to the World Bank.