Covered warrant: Liquidity slightly decreased

The covered warrant market continued to show a negative trend, as liquidity declined only slightly but the majority of warrants still posted losses. This reflects that investor sentiment remains cautious, and expectations for a solid recovery in the underlying market have yet to be reinforced. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVRE2515, CVHM2515, and CVIC2510 being the most notable examples. In contrast, CVHM2516, CVIC2508, and CVHM2509 were assessed to be overvalued, based on a total sample of 241 listed CWs.