Singapore shares in broad-based advance following rally on Wall Street, enabling STI to set new year-to-date high of 3,043 in early trade, says Dow Jones.

Benchmark last +0.4% at 3,035.82, with resistance expected at lower end of 3,085–3,146 breakdown gap formed June 9, 2008.

“There is enough underlying momentum being generated to be more positive than negative about the future,” says Phillip Securities economist Joshua Tan, “with the latest 2Q10 advance estimate of the US economy, in our opinion, showing that the glass is half full, we think a severe slowdown or second-dip risk is greatly diminished.”

Market breadth at 4 gainers for every decliner. Good mix of large, small caps in top 10 most active list, led by Genting Singapore (G13.SG) off 2.3% at $1.26, Design Studio (D11.SG) +13.2% at $0.645, Golden Agri-Resources (E5H.SG) +1.7% at $0.61, Kreuz Holdings (5RK.SG) +6.8% at $0.47