Shares of mainboard-listed Midas Holdings rose 3.23 per cent to 32 cents when trading opened to 32 cents against a 0.73 per cent fall in the benchmark Straits Times Index at about 10am on Monday.

Midas was queried by the Singapore Exchange on Friday (Jan 2), when its shares surged 24 per cent. After Midas said it was not aware of any reasons for the rise in its stock price, SGX warned investors to trade the stock with caution.

Midas supplies products for high-speed trains in China.

Shares of China's mega train makers jumped last week after the firms announced plans to merge. China CNR and CSR said they would merge to create a US$26 billion giant to compete for global rail deals with the likes of Canada's Bombardier and Germany's Siemens. Both state-owned firms are the biggest of its kind in the world because of booming domestic sales. The merger would help them compete for global rail deals, the companies said in a joint statement on Tuesday.