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Warrants over HSI, DNEX and JAKS in the spotlight

macquarie structured warrants 20200914

Last week, despite a shorter week in conjunction with the Hari Raya Haji holiday on Tuesday (20 July), overall warrants turnover surged 85.7% week-on-week (w-o-w) to RM243.5mil due to the increased turnover in warrants over indices (+91% w-o-w) and single stocks (+83% w-o-w).  

The Hong Kong’s Hang Seng Index (HSI) traded below the 28,000 level and was mostly in the red last week, resulting in a weekly loss of 2.4% as it closed 1.5% lower on Friday at 27,321.98 points, wiping its previous day’s 1.8% rally. HSI’s bearish move was on the back of lingering concerns about Beijing’s crackdown against internet-platform companies along with the increased Delta variant Covid cases globally (South China Morning Post, 23 July).

Call warrant HSI-CFR (-75.9% w-o-w) was the most active warrant as investors net bought 5.9mil units out of 121.7mil units traded, followed by put warrant HSI-HGR (+27.3% w-o-w) which recorded a total trading volume of 116.6 mil units. Investors trading these warrants should trade with caution as they are expiring on Thursday (29 July). All warrants listed on Bursa will have a last trading day, which is the last day that investors can buy or sell the warrants before they expire. The last trading day falls two days before the warrants’ expiry date – in this instance, HSI-CFR and HSI-HGR’s last trading day is on Tuesday (27 July). 

Meanwhile, TENCENT-C11 was top traded among warrants over the Hong Kong shares, recording a trading volume of 10mil units. The warrant fell 33.3% w-o-w as its mother share Tencent Holdings (700 HK) fell 5.9% w-o-w. 

On the local front, call warrant over JAKS Resources (JAKS), JAKS-CD was in the spotlight as investors traded 116.6mil units, placing it third on the top warrants list. Its mother share reversed the previous week’s lacklustre performance, rallying to trade above the RM0.500 mark and closing at RM0.520 (-1.0%) last Friday, 8.3% higher w-o-w. Other popular warrants include warrants over Dagang NeXchange (DNEX) namely DNEX-CF and DNEX-CG with both registering trading volumes of 91.0mil units and 65.2mil units, respectively. Similarly, DNEX rose 4.0% w-o-w, closing at RM0.770 (-0.7%) on Friday. 

Top warrants by volume traded: 

Warrant nameVolume
IssuerExercise level/priceExpiry date
HSI-CFR121.7Macquarie27,60029 Jul 2021
HSI-HGR116.6Macquarie26,80029 Jul 2021
JAKS-CD94.0Kenanga0.88028 Mar 2022
DNEX-CF91.0Kenanga0.90030 May 2022
DNEX-CG65.2Kenanga1.2030 May 2022

If you have any questions or need further assistance, please do not hesitate to contact us via our hotline at 03-2059 8840 or email us at [email protected]

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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.