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Warrants trading activity higher last week

Warrants Commentary (22 July to 26 July)

Trading activity in structured warrants increased last week as the overall warrants turnover surged 19.6% to RM478.4mil. Warrants over the Hang Seng Index (HSI) remained one of the biggest contributors to the Malaysian warrants space, contributing 68% of the warrants turnover while single stock warrants contributed approximately 29.2%. 

Due to the ongoing protests in Hong Kong and uncertainties about global interest rates, the HSI futures had a bearish start to the week, plunging 1.6% to finish at 28,373 points last Monday. The futures however rebounded and had a somewhat positive momentum over the next three days, gaining a total 0.8% before falling again on Friday, losing 0.7% to close at 28,385 points. Week-on-week (w-o-w), the futures fell 1.5%. 

A call warrant over the HSI, HSI-C5P, was in the spotlight last week, becoming the most popular warrant with its trading volume recording the highest at 270.2mil units. Investors net bought 14.0mil units of the warrant which was down 29.6% w-o-w. On the other hand, investors net sold 10.4mil units of the HSI put, HSI-H6R (+12.5% w-o-w), which became the second most active warrant across the warrant board.

When trading warrants, investors are advised to be aware of warrants’ last trading date and expiry date. As a rule of thumb, the warrants’ last trading date is always two trading days before expiry. However, the recently announced public holiday on 30 July coincides with the expiry date of eight HSI warrants, causing these warrants’ last trading date to be amended to 25 July, via the amendment announcements posted on the Bursa Malaysia website, under structured warrants announcements. These warrants have stopped trading since last Friday (26 July). 

Meanwhile, on the local front, the warrant over Genting Malaysia (GENM), GENM-C58 was most popular among warrants over Malaysian shares, beating other popular names such as TM-C50 and MYEG-C68. Out of the 8.1mil units traded, investors accumulated 26.5mil units of GENM-C58. This warrant was in the spotlight last week as GENM’s share price jumped 16.1% w-o-w. It was reported that the dispute between GENM, and Walt Disney and 21st Century Fox over the Fox-branded theme park in Genting Highlands has ended as the company had signed a settlement dismissing all claims and counterclaims between the parties, and granting the company use of certain Fox intellectual properties. 

Top HSI warrants by traded volume:

Warrant nameVolume
IssuerExercise levelExpiry date
HSI-C5P270.2Macquarie29,60027 Sep 2019
HSI-H6R190.3Macquarie27,60027 Sep 2019
HSI-C5J183.6Macquarie28,80031 Jul 2019
HSI-H6Q103.8Macquarie26,20027 Sep 2019
HSI-C5T96.7Macquarie30,00030 Oct 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.