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HSI warrants top traded despite shorter trading week

macquarie structured warrants 20200914

Trading activity in the Malaysian warrants market extended declines for two weeks in a row to RM202.1mil, down 10.4%, which can partially be attributed to a shorter trading week for warrants over the Hang Seng Index (HSI), Hang Seng TECH Index (HSTECH) and iShares A50 China ETF (A50CHIN) as the Hong Kong market was shut last Friday (2 April) in conjunction with the Good Friday holiday. The Hong Kong market will be closed another two days on Monday (5 April) and Tuesday (6 April) in conjunction with the holidays in view of Ching Ming Festival and Easter Monday. Investors should note that there shall be no market making for warrants issued over underlyings listed on the Hong Kong exchange for these days; market making will resume on Wednesday (7 April). 

Single stocks warrants were the major contributor last week, representing approximately 50.6% of the overall warrants turnover followed by warrants over the HSI which contributed 44.5% of the warrants trading value.

The HSI and HSTECH traded mostly in the green last week with both surging the most on Thursday (1 April) as the second quarter of 2021 (2Q21) kicked off. Both indices rose 2.1% and 5.4% week-on-week (w-o-w), respectively, as China’s Purchasing Managers’ Index (PMI) March 2021 expanded to the highest level this year to 51.9% (+1.3%). The put warrant HSI-HGK (-28.4% w-o-w) recorded the highest trading volume of 134.0mil units with a total net buy of 6.8mil units. 

Separately, the US stock markets also had a good start to 2Q21; the S&P 500® Index (SP500) rallied 1.2% to 4,019.9 points ahead of the long weekend, breaking through the 4,000-level after the President Biden unveiled his eight-year USD2.3 trillion spending infrastructure plan, which will be funded over 15 years via increasing corporate income tax. Additionally, the US released a better-than-expected jobs data of 916,00 while unemployment rate fell to 6.0% in March. SP500-HR was the most active warrant over the SP500 with investors trading 2.5mil units. 

Elsewhere, HARTA-C59 was the only warrant over the Malaysian stocks included in the top 5 most active warrants, as Hartalega shares fell 5.9% w-o-w to RM8.98, in line with the decline in the shares of other major Malaysian rubber glove companies.

Top warrants by volume traded:

Warrant nameVolume
IssuerExercise level/priceExpiry date
HSI-HGK134.0Macquarie27,00028 May 2021
HSI-CFH73.2Macquarie30,20028 May 2021
HSI-CFK58.4Macquarie31,00029 Jun 2021
HARTA-C5927.4Kenanga23.0026 Jul 2021
HSI-HGJ27.1Macquarie25,00028 May 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.