DJ MARKET TALK: STI +1.0%; Gains May Be Short-Lived - Trader

Singapore shares stage broad-based advance following Wall Street's rally, with STI gapping up at open, last +1.0% at 2889.94. If benchmark able to clear 2900, next resistance expected at 2959 (May 4 high). Market breadth at 9 gainers for every decliner. "The gains are nowhere near Wall Street's. This could mean just a knee-jerk reaction and the current rise may be short-lived. Better make the most of it while it lasts," says trader at local brokerage. As expected, usual cyclical stocks among best performers for STI components, with NOL (N03.SG) +2.1% at S$1.96, Noble Group (N21.SG) +1.8% at S$1.71, SembMarine (S51.SG) +1.6% at S$3.87. Lower liners also making headway, with FTSE ST Small Cap Index +1.4%.