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Index warrants continue to take centre stage amid volatility

macquarie structured warrants 20200914

Trading activity in structured warrants was slower last week with the overall warrants market turnover dropping to RM225.4mil from RM295.4mil the previous week, which represented a drop of 23.7% week-on-week (w-o-w). The trading turnover last week saw increased dominance by index warrants, making up approximately 54.7% of the week’s warrants turnover at RM123.4mil compared to 41.9% in the previous week. 

The Hang Seng Index (HSI) recorded a 2.3% drop for the week to end Friday at 28,336.44 while the HSI futures finished down 2.2% w-o-w at 28,291.0. Over the week, the HSI futures tumbled 4 out of 5 days weighed by intense selling pressure, falling from Monday through Thursday to a low of 27,503.0 before rebounding 1.5% on Friday to snap a five-day losing streak. The volatile week saw the call warrants HSI-CFK and HSI-CFH take the top two spots with up to 120.7mil and 109.7mil units traded respectively with a combined traded value of RM59.6mil, while the put warrant HSI-HGK had 92.9mil units exchanged hands, recording a total traded value of RM34.9mil, the top traded warrant by value for the week. 

Meanwhile, the Hang Seng TECH Index (HSTECH) futures had an even more volatile week after it declined 4.1% to finish the week in red territory. Whether bullish or bearish, investors may now capture broader movements in Chinese technology stocks through warrants over the HSTECH. Call warrant HSTECH-C1 was the most traded HSTECH warrant for the week with up to 24.7mil units traded and was briefly sold out on Thursday as the HSTECH futures dipped to an intraday low of 7,635.0.

On the local front, call warrant FGV-C1G took the fourth place in the list of top traded warrants by volume with up to 36.8mil units traded following a see-saw week in the share’s price which ended 0.7% lower for the week at RM1.39. MMCCORPC23 clocked in 30.0mil units traded as its mother share fell 6.1% w-o-w to end Friday at RM1.07.

Top warrants by volume traded:

Warrant nameVolume
IssuerExercise level/priceExpiry date
HSI-CFK120.7Macquarie31,00029 Jun 2021
HSI-CFH109.7Macquarie30,20028 May 2021
HSI-HGK92.9Macquarie27,00028 May 2021
FGV-C1G36.8RHB1.2028 Jul 2021
MMCCORPC2330.0RHB1.0027 Aug 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.