Stocks to watch: Hongkong Land, Mapletree Industrial Trust, CapitaLand Ascott Trust, Cordlife

Four stocks that could be on your watchlist

The Singapore stock market slipped into the red in early trade on Tuesday (May 31), with the Straits Times Index declining 0.4 per cent or 13.66 points to 3,165.31 as at 9.05am. Decliners outnumbered gainers 131 to 90, with 499 counters unchanged.

Here are four stocks that could be on your watchlist following corporate developments

Hongkong Land

Shares of the property developer were down 2.2 per cent or S$0.04 to S$1.77 with 575,200 shares changing hands as at 9.05am on Tuesday. The company proposed to distribute its entire 65.6 per cent stake in its subsidiary MCL Land to shareholders through a distribution in specie.

Mapletree Industrial Trust

Units of the industrial real estate investment trust (Reit) were up 0.5 per cent or S$0.01 to S$2.06 with 697,000 units traded as at 9.05am. The manager of Mapletree Industrial Trust proposed to make a preferential offering of 103.3 million new units at S$2.04 each to raise about S$211.3 million.

CapitaLand Ascott Trust

Shares of the hospitality trust advanced 0.6 per cent or S$0.01 to S$1.70 with 6.6 million shares changing hands as at 9.05am. The manager of CapitaLand Ascott Trust proposed to acquire a 19.9 per cent stake in Quest Apartment Hotels for about S$73.1 million to expand in Australia.

Cordlife

Shares of the cord blood banking company rose 2 per cent or S$0.003 to S$0.154 with 5 million shares changing hands as at 9.05am. Cordlife is scheduled to release its first-quarter business update on Tuesday before the market opens.