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FGV-C63 took the crown among stock warrants

Warrants Commentary (4 Mar to 8 Mar 2019)

The warrants space saw a surge in trading activity last week, coming in at RM565.3mil, 6.9% higher compared to a week ago. Warrants over the Hang Seng Index (HSI) continued to dominate the Malaysian warrants market by taking up 63.2% of the total warrants turnover.

The HSI futures had a roller coaster ride last week, closing in the green for the first three trading days of the week, before plunging a total 2.7% on Thursday and Friday, to end the week at 28,236.0 points. Put warrant HSI-H6F emerged as the top traded warrant with RM64.8mil. turnover last week, as bargain hunters collected a total of 12.3mil. units from Monday till Wednesday, and then subsequently took profit on their positions on Thursday and Friday when the HSI futures headed south. Put warrants move in an opposite direction to the underlying share/index, resulting in the bid price of HSI-H6F gaining 9.1% as the HSI futures closed 1.7% lower week-on-week (w-o-w).

On the local front, call warrant FGV-C63 with an exercise price of RM0.95 topped the stock warrants turnover list with RM10.7mil. traded, as FGV Holdings’ share price traded range-bound between RM1.15 and RM1.24 throughout the week. In addition, warrants over V.S. Industry (VSI) were popular last week after VSI signed an agreement with Bissel to manufacture homecare products under the latter’s brand name. VSI’s share price however, took a 5.5% dip to RM1.03 last Monday and traded range-bound throughout the week before closing at that same level on Friday. Call warrant VS-C10 was the most popular VSI warrant with RM8.9mil. traded. At the end of the week, investors took home 20.2mil. units of VS-C10.

My E.G. shares were one of top gainers on Bursa Malaysia last week, surging 16.7% w-o-w. Call warrant MYEG-C59 made it to the third spot on the top traded stock warrants list with RM7.7mil. traded, followed by call warrant MYEG-C55 with RM6.3mil. traded. MYEG-C59 and MYEG-C55 gained 40.9% and 66.7% respectively, last week. The higher percentage gains seen in MYEG-C55 can be attributed to its higher effective gearing. Warrants with higher gearing levels tend to move in larger percentages compared to warrants with lower gearing levels, also translating to a higher level of risk.

Top stock warrants by value traded:

Warrant name Value
(MYR ’mil)
Issuer Exercise price (MYR) Expiry date
FGV-C63 10.7 Macquarie 0.95 28 Jun 2019
VS-C10 8.9 Macquarie 1.20 31 Jul 2019
MYEG-C59 7.7 Kenanga 0.88 30 Aug 2019
MYEG-C55 6.3 Macquarie 1.20 28 Jun 2019
VS-C9 4.0 Kenanga 0.88 02 Aug 2019

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Provided for Malaysian residents information only. 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.