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Warrants over Greatech, HSI and Top Glove among most active

macquarie structured warrants 20200914

Warrants Commentary (2 Feb to 5 Feb)

Despite another shorter trading week, trading activity in structured warrants remained active with its total traded value inching up 0.4% week-on-week (w-o-w) to RM319.2mil last week. Warrants over stocks contributed more than 72% of the total warrants turnover, followed by warrants over the Hang Seng Index (HSI) and iShares China A50 ETF, which contributed 24.8% and 1.8%, respectively. 

Tech stocks in Malaysia were the top gainers in 2021 so far with some these counters recently reaching their new highs. Greatech Technology (GREATEC) is one of them – last week, the shares gained 11.4%, breaking through the RM6.00 mark from Wednesday (3 February) on news regarding its partnership with US-based Atlis Motor Vehicles to set up an electric vehicle (EV) battery pack pilot production line for Atlis in Arizona. GREATEC will serve as Atlis’ strategic partner for a comprehensive battery pack assembly production line and will supply all parts, equipment, and machinery required (The Star, 3 February). The strong rally in GREATEC sparked investors’ interest in the call warrant over GREATEC i.e. GREATEC-CA, resulting in this warrant being the most active warrant with a total trading volume of 138.5mil units. 

On the other hand, rubber glove counters were mostly bearish last week. Top Glove ended below the RM7.00 mark at RM6.61 (-1.5%) last Friday, finishing the week 1.9% lower despite having a good start at the beginning of last week. TOPGLOV-C1D and TOPGLOV-C83 were among popular warrants with both recording trading volumes of 50.1mil units and 32.3mil units, respectively.  

On the foreign front, the HSI rose 3.6% w-o-w ahead of the Chinese New Year holiday this week. The call warrant HSI-CBQ was the top traded HSI warrant with investors net selling 5.9mil out of 104.9mil units traded, followed by the put warrant HSI-HGK which saw investors net buying 1.5mil out of 52.4mil units traded. HSI-CBQ is a shorter-dated warrant as it will expire on 25 February. Investors trading shorter dated warrants may consider switching to longer dated ones as they experience a slower rate of time decay than shorter dated warrants.

Top warrants by volume traded:

Warrant nameVolume
IssuerExercise level/priceExpiry date
GREATEC-CA138.5Maybank5.0830 Nov 2021
HSI-CBQ104.9Macquarie30,60025 Feb 2021
HSI-HGK52.4Macquarie27,00028 May 2021
TOPGLOV-C1D50.1CIMB7.0030 Jul 2021
HSI-CBR40.1Macquarie28,60025 Feb 2021

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Provided for Malaysian residents information only. This commentary has not been reviewed by the Securities Commission Malaysia. It is not an offer or recommendation to trade and is not research material. Past performance is not indicative of future performance. You should make your own assessment and seek professional advice. The Warrants will not be offered to any US persons.