Feb 21: CapitaMalls Asia, Tiger Air, GMG Global, Yangzijiang

Singapore shares may drift downwards on Tuesday after Tokyo and Seoul opened lower, with investors staying on the sidelines until a rescue deal for Greece is reached. The U.S. market was closed for a public holiday.

The benchmark Straits Times Index <.FTSTI> rose 0.69% on Monday to 3,021.19 points. Here are some stocks and factors to watch, according to Reuters:

CapitaMalls Asia, a Singapore shopping mall developer and operator, may be in focus after announcing that it had acquired the remaining 73.71% stakes each in three Japanese malls. The malls are in Tokyo, Osaka and Kobe.

Budget carrier Tiger Airways said on Tuesday that the air operator's certificate of Indonesia's PT Mandala Airlines, in which it has a 33% investment, had been reactivated. Mandala's certificate had been frozen since the suspension of its operations in January 2011.

Rubber producer GMG Global said on Monday its fourth-quarter net profit rose 29.4% to $16.7 million from a year earlier, helped by higher sales and average selling prices.

Yangzijiang said on Monday it had secured contracts to build seven vessels with a total value of US$206.2 million since the start of 2012.

Contract manufacturer Hi-P International denied a broker's report that it had secured a large order, believed to be from Apple, for its new metal-casing business. Hi-P also said that its planned capital expenditure of around $100 million is for the acquisition of different machinery and equipment, as well as for the expansion of the firm's production facilities.