Covered warrant: Sustained pressure

The covered warrant market continued to reflect a cautious sentiment, as liquidity weakened and the number of declining warrants remained dominant. This indicates that capital inflows have yet to return, while short-term downside risks in the underlying stock market persist. According to valuations based on the Black-Scholes model, several CWs are currently undervalued, with CVIC2507, CVRE2515, and CVHM2515 being the most notable examples. In contrast, CVHM2516, CVHM2520, and CVHM2521 were assessed to be overvalued, based on a total sample of 254 listed CWs.