Singapore shares rose by midday on Monday, in line with a regional rally, as strong jobs growth in the United States and supportive comments on Fed policy bolstered investor sentiment on global economic growth.

By the midday break, the Straits Times Index (STI) < .FTSTI> was up 0.35%, or 10.78 points, at 3,131.25. The total value of shares traded in the morning session was $809.1 million, higher than $701 million on Friday.

Local traders said the STI may rise more in the afternoon, but gains may be capped at around 3,150 points.

Asian shares rose to their highest in nearly 3 years following data that US employment grew solidly for a second month in March and the jobless rate hit a two-year low of 8.8%.

“There’s definitely spillover effect as the US is still the largest economy in the world. With Japan faltering, that is very welcome news that the US can hopefully take up more of the slack,” said Carey Wong, an analyst at OCBC Investment Research.

He added that the recent correction may have attracted some foreign funds back to Asia.

Shares of Singapore’s  Global Logistic Properties  (GLPL.SI), which owns warehouses and other logistic assets, rose as much as 3.7% as concerns eased on the impact of the Japan earthquake on the firm’s operations.

By lunch break, GLP shares were trading at $1.99 on a volume of 19.1 million shares.

Shares of  Keppel Corp  (KPLM.SI) and Jasper Investments (JASP.SI) rose after Jasper exercised an option to order a second jackup rig worth US$180 million ($227 million) from Keppel.

At midday, Keppel Corp shares were up 1.1% at $12.54 on a volume of 2.1 million shares. Jasper stock was 14.3% higher at $0.08 with 5.1 million shares changing hands.

CapitaLand  shares rose as much as 1.8% after Credit Suisse said it saw deep value in the stock, which was trading at one time price to book ratio and 0.69 times revised net asset value. The brokerage has an outperform rating on CapitaLand.

At midday, CapitaLand shares were up 1.5% at $3.39 on a volume of 9.6 million shares.