Shares of Singapore-listed palm oil firm Golden Agri-Resources <GAGR.SI> fell as much as 3.2% in early trade on Tuesday due to profit-taking after the shares shot up the previous day.

At 0231 GMT, Golden Agri shares were down 1.9% at $0.765 on a volume of 3.9 million shares.

“The share price shot up a lot yesterday because of strong palm oil prices, so now there is a bit of a pullback,” said a local trader.

 

Golden Agri shares rose 11% on Monday on expectations it may post strong earnings on Nov 11 because of the recent rally in palm oil prices.