OLD economy stocks will be the best investment for people looking to have a flutter on the stock market next year, according to an expert.

Jeremy Batstone, head of research at NatWest Stockbrokers, has outlined his ten "best buys" for 2001 for the canny City investor.

With sentiment on both sides of the Atlantic still firmly against technology stocks, his list is inevitably dominated by traditional, old economy businesses.

UK equities in general would deliver reasonable if "distinctly non-vintage" returns during 2001, he forecast.

The economic backdrop heading into 2001 was looking less robust than at the same time last year, with growth forecasts vulnerable to downgrades in the first few months of the year.

"As in 2000, stock market investors will need to pick their way carefully through the year, as margin pressures will remain a feature," he said.

"While our central projection is for a 'soft economic landing' from which share prices can recover, the risk of something much more severe cannot be entirely discounted."

Mr Batstone recommended that investors should take a look at Associated British Ports, which is seeing its strategy of focusing on its core ports business bear fruit.

He also tips aerospace specialist BAE Systems, which has a strong order book, housebuilder Berkeley and energy group BG.

Others on his list include defence industry specialist Cobham and the merged GlaxoSmithKline.

Tech stocks which could be worth looking at are electronics group Marconi, and mobile phones giant and the London Stock Exchange's largest player Vodafone, he suggested.

Mitie, which specialises in providing services to blue collar companies, and Royal Bank of Scotland also get a look in.

"Our stock selections may appear an eclectic bunch, but they have one thing in common. When put through the quantitative screening process, all offer earnings stability and momentum," he said