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HSI warrants take centre stage post CNY holidays

macquarie structured warrants 20200914

Trading activity in structured warrants was relatively slower post Chinese New Year celebrations last week with the overall warrants market turnover coming in at RM252.2mil. The trading turnover was still dominated by warrants over Malaysian and foreign shares, making up approximately 75.8% of the total warrants turnover at RM191.2mil, while the remaining is made up by warrants over indices with RM61.0mil traded (24.2%).

It was another buoyant week for the Hang Seng Index (HSI) futures as it extended its win streak to three weeks in a row with prices touching their highest in 32 months. With the market being closed on Monday in conjunction with the Lunar New Year holidays, trading in the HSI futures resumed Tuesday on a higher note as prices rallied to touch a high of 31,088 on Wednesday but lost its steam thereafter to hit a low of 30,021 and eventually finishing the week 1.3% in the green territory at 30,526.

The bullish momentum in the HSI futures led to strong interest in the HSI warrants over the week. Put warrant HSI-HGK was the top traded warrant by volume and by value with up to 90.7mil units traded with a total value of RM21.8mil. Other HSI warrants that garnered fresh trading interests were the call warrants HSI-CBQ and HSI-CFK with up to RM10.1mil and RM7.9mil value traded, respectively. The near expiring HSI-CBQ (last trading date: 23 February 2021) was also the second most traded warrant by volume for the week with 63.2mil units exchanging hands. Another warrant over foreign underlying worth mentioning is the call warrant A50CHIN-C68 with a total value traded of RM3.7mil as its underlying, the iShares A50 China ETF eased off its all-time high to close the week down by 0.9% at HKD22.96.

On the local front, call warrant D&O-CB came in at second place in the list of top traded warrants by value with up to 16.2mil units traded and clocking in RM12.6mil in value as its mother share continued to rally to a fresh record closing high on Friday at RM3.59, registering if fourth consecutive week of gains. Meanwhile, TM-C69 took fourth place in the list with a value traded of RM8.5mil as its mother share finished 1.8% lower for the week.

Top warrants by value traded:

Warrant nameValue
IssuerExercise level/priceExpiry date
HSI-HGK21.8Macquarie27,00028 May 2021
D&O-CB12.6Kenanga1.888 Nov 2021
HSI-CBQ10.1Macquarie30,60025 Feb 2021
TM-C698.5Kenanga4.8831 May 2021
HSI-CFK7.9Macquarie31,00029 Jun 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.