Panic reigns as China railway play Midas falls to historic lows

MIDAS Holdings, which supplies aluminium parts to China's trains, continued plunging to all-time lows amid debt and earnings outlook concerns.

Its shares closed on Friday at S$0.148, down S$0.006 or 3.9 per cent. Over 39 million shares changed hands, a high in volume not seen in years.

The company was trading near S$0.20 just a week ago. But within a few days, shares have fallen more than 25 per cent. It is now trading at about a third of its last reported net asset value.

Replying to a query from the Singapore Exchange (SGX), chief executive officer Patrick Chew said that other than its previous announcements, the company is not aware of any information that explained th…