Covered warrant: Liquidity slightly increased

During the week, market liquidity in the covered-warrant segment improved slightly and the number of gaining warrants outpaced decliners, suggesting better trading sentiment. However, overall trading value fell, likely due to increased supply from newly issued warrants, combined with the market’s lack of clear catalysts and lingering risks in the underlying equity market. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVRE2515, CVHM2515, and CVHM2514 being the most notable examples. In contrast, CTCB2521, CFPT2529, and CTCB2520 were assessed to be overvalued, based on a total sample of 301 listed CWs.