Singapore’s STI trades above 2,900 level for first time in 8 weeks as Fed’s commitment to keep US interest rates low provides lift; STI last +0.2% at 2,901.44 with next resistance tipped at current 2010 intraday high of 2,947 (hit on Jan. 11).

But gains muted so far with investors wary of chasing market following 106 point rise in previous 7 sessions. “The Singapore market is looking a bit overbought on technical indicators, although I’m hoping we’ll see a consolidation rather than an outright correction,” a trader at a local brokerage tells Dow Jones Newswires.

Banks and property heavyweights leading blue chip gains as their recent laggard run attracts bargain hunting; UOB (U11.SG) +1.1% at $18.78, CapitaLand (C31.SG) +1.3% at $4.05. Broad market volume modest, similar to yesterday’s levels; breadth positive with gainers outnumbering losers nearly 4 to 1.