HSI calls in focus as futures drop 1.8%
• The Hang Seng Index (HSI) futures fell 1.8% to 17,626 as of the lunch break following a report showing that China’s manufacturing contracted for a fourth consecutive month while a slew of companies including banks and property developers reported lacklustre results. (South China Morning Post, 2nd September)
• In terms of Macquarie warrants with the highest traded volume as at 12.00pm today, focus call warrant HSI-CXC saw over 39m units traded with investors net buying up to 26.3m units in total while HSI-CXB recorded 7.9M units traded with investors net buying up to 5.5m units.
• Our focus call warrant HSI-CXB (exercise level: 20,000; expires on 30 Oct 2024), has an implied volatility* (IV) level of 33.0% as of the time of writing, one of the lowest among all HSI calls with similar exercise levels and expiry dates. It is trading at a bid/ask price of RM0.100/RM0.105 as of the lunch break.
• Meanwhile, investors exit their positions in the puts as they gained up to 50%, moving in an opposite direction to the HSI futures.
* Warrant tip: IV can be used to compare the relative prices of similar warrants. In general, the lower the IV, the lower the absolute warrant price (all other pricing factors held constant). Hence, when choosing between warrants with similar terms, investors should select the warrant with the lowest IV.
Investors net bought:
HSI-CXC (-37.1%) 26.3M units
HSI-CXB (-28.6%) 5.5M units
HSI-CXK (-24.7%) 3.4M units
Investors sold back:
HSI-HWH (+8.3%) 2.5M units
HSI-HW5 (+18.2%) 2.0M units
HSI-HWT (+25.0%) 1.9M units
📌Check out the live matrix for Macquarie Warrants Malaysia’s focus HSI warrants here.
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Macquarie, a leading warrant issuer in Asia, provides state-of-the-art market making, education on warrants, and an array of tools for warrant traders. Macquarie Warrants Malaysia issues and market makes structured warrants listed on Bursa Malaysia. The content on this channel has not been reviewed by the Securities Commission Malaysia | Contact: 03-20598840 | Disclaimer : bit.ly/MQdisclaimer
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