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Hot stock: Midas jumps on company's reassurance over outlook

SINGAPORE-LISTED Midas Holdings stock zoomed up nearly 8 per cent or 0.9 Singapore cent to 12.4 Singapore cents at just past 10am, turning up as one of the most active in the early hours of the morning trade.

The counter, second only to Infinio Group which has been drawing heavy volumes in recent days, has seen some 32 million shares worth S$4 million done so far.

Late Tuesday night, the company announced that it has received no official announcement from the relevant government authorities in China about a policy change on the expansion of the country's rail transportation network and as such, its prospect statement in its results announcement "remains valid".

It said this in a response to queries from the Singapore Exchange (SGX) on whether its outlook statement still holds given news reports alleging the suspension and halting of plans for railway projects by the Chinese government for certain cities.

Those concerns have been weighing on Midas stock last week with the counter losing 16 per cent on heavy volume last Friday .