I. MARKET DEVELOPMENT OF WARRANTS
As of the trading session on July 21, 2025, the market closed with 95 advancing codes, 96 declining codes, and 32 reference codes.
Market breadth in the last 20 sessions. Unit: Percentage
Source: VietstockFinance
In the trading session on July 21, 2025, sellers regained control of the market, causing most of the warrant codes to decline. Specifically, the large cap warrants in the declining group were CVIC2406, CVHM2406, CSTB2515, and CVRE2505.
Source: VietstockFinance
The total trading volume in the market in the July 21 session reached 75.8 million CWs, down 2.39%; the trading value reached VND 120.36 billion, down 4% compared to the July 18 session. Of which, CVPB2407 was the code with the highest volume in the market with 3.92 million CWs; CVHM2513 led in terms of trading value with VND 8.63 billion.
Foreign investors continued to be net sellers in the July 21 session with a total net selling volume of 320,000 CWs. In particular, CSSB2504 and CSHB2503 were the two codes that were net sold the most.
Securities companies SSI, ACBS, HCM, KIS, and VPBank currently are the warrant issuers with the most codes in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method suitable for the starting point of July 22, 2025, the reasonable prices of the warrants currently traded in the market are as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model is adjusted to suit the Vietnamese market. Specifically, the interest rate on risk-free bills (government bills) will be replaced by the average deposit interest rate of large banks with term adjustments suitable for each type of warrant.
According to the above valuation, CVIC2502 and CVHM2507 are currently the two warrant codes with the most attractive valuations.
Warrant codes with higher effective gearing will experience larger fluctuations in accordance with the underlying securities. Currently, CMSN2404 and CVJC2503 are the two warrant codes with the highest effective gearing in the market.
Vietstock Economics and Market Strategy Research Department, Consulting Division
– 18:58 21/07/2025
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