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HSI-C7F and HSI-H8B among investors’ favourites

Warrants Commentary (14 October to 18 October)

The Hang Seng Index (HSI) futures continued to trend higher last week after a strong performance from the prior week. Last Monday, the HSI futures opened at 26,420.0 and finished the day with a 0.5% gain. On the same day, the US said that they are eyeing to clinch ‘phase one’ of the US-China trade deal, though China wants another round of talks before signing, according to sources (CNBC, 14 Oct). The HSI futures fell 0.2% on Tuesday before rebounding 1.5% over the next two days to finish at 26,881.0 points on Thursday. The bullish momentum hit a wall on Friday when China released weaker than expected third quarter gross domestic product (GDP) data as a result of the prolonged trade dispute (Bloomberg, 18 Oct). The HSI futures pulled back from October’s high of 27,016.0 to close 0.8% lower at 26,675.0 last Friday.

Last week, the Malaysia warrants market saw a total of RM320.5mil traded, which is a 16.8% increase from a week ago. Warrants over the HSI continued to dominate the warrants space with a RM233.2mil turnover. Among the most active warrants, call warrant HSI-C7F topped the list with RM96.4mil traded. Bullish investors took the opportunity of each fall in the HSI futures to collect this call warrant, net buying a total of 7.3mil units at the end of last week. Meanwhile, investors who are bearish on the HSI instead favoured put warrant HSI-H8B, which saw RM50.4mil traded. Investors accumulated a total of 10.3mil units as the bid price of this put warrant declined 27.3% week-on-week (w-o-w) to RM0.200.

On the local front, call warrant GTRONIC-C1 emerged as the top traded stock warrant with RM3.7mil turnover last week. Another notable warrant which investors heavily traded was MYEG-C82, which saw RM2.7mil traded as the underlying share price had the worse weekly decline since May 2019. MY E.G. Services (MYEG), an e-government services provider, saw its share price lose a total of 10.0% on Thursday and Friday combined. Investors who were looking for a rebound in MYEG shares took home 4.1mil units of MYEG-C82 as the bid price of this call warrant fell 35.0% w-o-w to finish at RM0.065 last Friday.

Top warrants by value traded:

Warrant name Value
Issuer Exercise level Expiry date
HSI-C7F 90.4 Macquarie 27,400 30 Dec 2019
HSI-H8B 50.4 Macquarie 25,600 28 Nov 2019
HSI-H8E 32.2 Macquarie 24,600 30 Dec 2019
HSI-H8F 20.2 Macquarie 26,400 30 Dec 2019
HSI-C7J 9.6 Macquarie 30,000 27 Feb 2020

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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.