Gains in Asian bourses help Singapore shares retain gains, with STI +0.9% at 3,014.29 midday; year-to-date high of 3,037 expected as resistance, according to Dow Jones.

Gainers outnumber decliners 2 to 1 in broad market. Singapore’s 2Q “reporting season to date has been benign and after adjusting for the latest earnings revision thus far, the STI now trades” at 13.9x FY10, 12.6x FY11 and 13.25x blended FY10-11 P/E, which “is considered attractive,” says DBS Vickers.

“However, it is still early for a victory cry as the state of earnings revision over the next two weeks will be key.” OCBC (O39.SG) likely in focus in afternoon after reporting 2Q results during midday break that were tad below expectations; last +0.7% at $9.09. SMRT (S53.SG) worst performer among STI components, off 4.5% at $2.12, after 1Q results. Small caps active, led by Kreuz Holdings (5RK.SG), +8.2% at $0.395; Berlian Laju (B66.SG) flat at $0.04 in heavy volume.