SINGAPORE, Jan 7 (Reuters) - Shares of Indonesian palm oil producer First Resources rose as much as 10.7 percent to S$1.66 with 34.3 million shares traded, helped by high palm oil prices and a positive outlook for the sector.
Fitch Ratings said on Monday it expects Asian palm oil producers continue to have strong cash flows and be stable in 2008.
"The demand for CPO (crude palm oil) will continue to grow as support continues for 'green energy' in many countries and the demand for edible oil expands in markets such as China and India," said Buddhika Piyasena, director with Fitch's corporate rating teams in Singapore.
Other palm oil plays such as Golden Agri-Resources was up 2.1 percent to S$2.39 with 11.9 million traded. Indofood Agri Resources rose as much as 4.5 percent to S$2.77 with 7.4 million traded.
0601 GMT - Straits Times Index down 2.42 percent.
DESIGN STUDIO RISES ON RUMORS OF CONTRACT
Shares of furnishing firm Design Studio rose as much as 4.8 percent to a five-month high of S$0.65 with 10 million traded on rumours of a possible contract win.
The firm, which provides furnishings for high-end residential projects and hotels, may be in the running for a contract for work related to one of the two upcoming casinos under construction in the city-state, a trader said.
"There is some contract talk going on. People are saying some of the money for the Sands casino will be channelled to furnishings, of which Design Studio is a leader," said a local dealer.
Design Studio's spokeswoman was not immediately available for comment.
0325 GMT - Straits Times Index down 2.25 percent.
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