Singapore shares rose, led by Wilmar International Ltd after the palm oil firm's quarterly results beat market estimates.
The Straits Times index was up 0.9 percent at 3412.18 points after rising to as much as 3,413.5, its highest since January 2008. The index is up about 9 percent so far this year.
However, some strategists warned of a limited upside, pointing to lacklustre earnings growth and disappointing economic data.
"Without the prospect of earnings growth accelerating, we think it will be difficult for the Singapore stock market to re-rate higher from current levels," strategists at Nomura said in a report. "On the contrary, we think there is a high likelihood that the stock market will pull back given the deteriorating fundamentals."
Wilmar was the top gainer on Wednesday, up 4.2 percent to S$3.45, its highest since April 4, but is still underperforming the broader market so far this year. Nearly 10 million shares were traded, 1.6 times the average full-day volume traded over the past 30 days.
1143 (0343 GMT)
