MLT

MLT: is down 3.5% at $0.97 after a pre-open sale of 139.34m shares at $0.96. Newswires say Alliance Global Properties planned to raise up to $136.6m by selling its 139.34m shares, or a 5.7% stake, for $0.96-0.98 each. The price, at the range's low-end, is a 4.5% discount to Monday's closing price. An analyst says doesn't think its a major negative; notes MLT is a very stable counter. Adds, sometimes funds may be switching out to other counters - from more stable ones to higher beta stocks. Notes MLT's lease expiries are the longest among S-REITs. The stock tapped a low of $0.96, which will likely act as support.