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Index warrants take centre stage amid roller coaster week

It was an action-packed week filled with wild stock market swings as markets worldwide tumbled amid fears of an economic catastrophe as the coronavirus crisis escalates. The volatile week saw a total warrants turnover of RM401.0mil which represented a 16.9% jump week-on-week (w-o-w) with index warrants stealing the limelight following the global meltdown which hammered investor confidence.

The Hang Seng Index (HSI) warrants were still the major contributors, constituting 65.1% of total warrants turnover, while warrants over shares constituted approximately 19.6%, followed by warrants over the FBM KLCI and S&P 500® Index (SP500) which made up approximately 15.3% of the total warrants turnover. 

The HSI futures started the week in the red weighed by steep overnight losses at Wall Street the week before as crude prices sank 10% dragged by an all-out price war amidst the already worsening spread of coronavirus cases globally outside China. Prices took a hit to close 4.5% lower at 24,850 on Monday but somewhat steadied on both Tuesday and Wednesday before continue diving to a weekly low of 22,116 on Friday, its lowest level since December 2016, dragged by the sharp plunge in Wall Street after the World Health Organization (WHO) declared the virus outbreak as a global pandemic. The HSI futures ended the week at 23,853, down 8.3% w-o-w. The decline saw put warrant HSI-H8Z topping the list with the highest value traded at RM77.0mil, followed by the call warrant HSI-C7N with a total traded value of RM40.7mil. Also in the list of top warrants by value were put warrants HSI-H8W and HSI-H8M, with a turnovers of RM35.4mil and RM33.7mil, respectively.  

Warrants over the SP500 were also one of the popular index warrants among investors last week, making up 9.2% of the total warrants turnover, with put warrant SP500-HJ punching in a total value of RM35.7mil with up to 13.5mil units traded as the SP500 and other major US benchmarks plummeted to record its worst day since 1987’s Black Monday last Thursday.

Meanwhile, on the local front, glovemakers Top Glove and Supermax remained in the spotlight as demand for gloves is expected to continue as the pandemic worsens. The top warrants by turnover include TOPGLOV-C57, SUPERMX-C78 AND SUPERMX-C81.

Top warrants by value traded:

Warrant nameValue
IssuerExercise levelExpiry date
HSI-H8Z77.0Macquarie24,000.028 Apr 2020
HSI-C7N40.7Macquarie27,000.028 Apr 2020
SP500-HJ35.7Macquarie3,000.021 Sep 2020
HSI-H8W35.4Macquarie25,400.030 Mar 2020
HSI-H8M33.7Macquarie23,000.028 Apr 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.