I. MARKET DEVELOPMENT OF WARRANTS
At the end of the trading session on March 20, 2024, the whole market had 108 increasing codes, 40 decreasing codes and 26 reference codes.
Market breadth in the last 20 sessions. Unit: Percentage (%)
Source: VietstockFinance
In the trading session on March 20, 2024, buyers regained control of the market, causing most warrant codes to increase significantly. Specifically, the large warrant codes in the group of increasing prices are CMBB2306, CTCB2302, CHPG2309, and CVIB2302.
Source: VietstockFinance
The total trading volume of the entire market in the session on March 20, 2024 reached 64.67 million CW, an increase of 37.62%; the trading value reached VND 60.63 billion, an increase of 52.15% compared to the session on March 19. In which, CSTB2322 led the market in terms of volume with 4.91 million CW; CMWG2316 led in terms of trading value with VND 3.71 billion.
Foreign traders continued their net buying in the session on March 20 with a total net buying volume of 2.61 million CW. In which, CSTB2331 and CTPB2305 were the two codes with the highest net buying.
Securities companies KIS, SSI, HCM, ACBS, VND are currently the issuers with the most warrant codes in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. VALUATION OF WARRANTS
Based on the valuation method applicable from the starting date of March 21, 2024, the reasonable prices of the warrants currently trading in the market are as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model has been adjusted to fit the Vietnamese market. Specifically, the risk-free bond interest rate (Government bonds) will be replaced by the average deposit interest rate of large banks with the appropriate adjustment period for each type of warrant.
Based on the above valuation, CTCB2401 and CMWG2305 are currently the two warrants with the most attractive valuation.
Warrants with higher effective gearing will have larger fluctuations in accordance with the underlying securities. Currently, CNVL2303 and CHPG2318 are the two warrants with the highest effective gearing ratio in the market.
Economics & Market Strategy Analysis Department, Vietstock Advisory Division
