I. MARKET DEVELOPMENT OF WARRANTS
As of the trading session on August 21, 2025, the market closed with 196 advancing codes, 42 declining codes, and 21 reference codes.
Market breadth over the last 20 sessions. Unit: Percentage
 
Source: VietstockFinance
In the trading session on August 21, 2025, buyers continued to lead the market, causing most of the warrant codes to increase in price. Specifically, the large codes in the group that increased were CVPB2513, CMBB2513, CVHM2502, and CSTB2515.
Source: VietstockFinance
The total market trading volume in the August 21 session reached 76.53 million CWs, a decrease of 17.31%; the trading value reached VND 196.06 billion, a decrease of 21.51% compared to the previous session. Of which, CFPT2515 was the code with the highest volume in the market with 4.19 million CWs; CMWG2511 led in terms of trading value with VND 7.83 billion.
Foreign investors continued to sell a net in the August 21 session, with a total net selling volume of 2.04 million CWs. In particular, CSTB2523 and CSTB2522 were the two codes that were net sold the most.
Securities companies SSI, ACBS, HCM, KIS, and VPBank are currently the organizations with the most warrant 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 August 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 risk-free bill interest rate (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, CVHM2515 and CVPB2522 are currently the two warrant codes with the most attractive valuations.
The higher the effective gearing ratio of a warrant code, the greater the increase/decrease in its price relative to the underlying stock. Currently, CVNM2512 and CHPG2512 are the two codes with the highest effective gearing ratios in the market.
Economic Analysis and Market Strategy Division, Vietstock Consulting Department
– 18:58 21/08/2025
“VPB Warrants Surge: Unlocking Market Opportunities on August 20, 2025”
The trading session on August 19, 2025, concluded with positive momentum, as the market witnessed a broad-based rally. A total of 144 stocks advanced, while 89 declined, and 26 remained unchanged. Foreign investors turned net buyers, with a net purchase value of 831,100 CW, indicating a resurgence of confidence in the market.
The VN-Index Soars to New Heights: A Thriving Market with Explosive Liquidity
The VN-Index soared to new heights this afternoon (August 12th), reaching a record high of 1,608.22 points. This surge in market liquidity fueled a vibrant and energetic trading atmosphere.
“Covered Call Options Market: Optimism Prevails on August 14, 2025”
The trading session on August 14, 2025, concluded with a mixed performance across the market. Out of all the stocks traded, 200 witnessed an increase in their value, while 44 declined, and 15 remained unchanged. Foreign investors turned net sellers, offloading a net value of 688,700 CW worth of stocks.
Market Mayhem: Navigating the Storm
The VN-Index experienced vigorous tug-of-war action with above-average trading volume. The MACD indicator continues its upward trajectory, providing a buy signal and reinforcing the positive short-term outlook. However, intense fluctuations within the session are likely to persist as the index forges new peaks.
“Cautious Sentiments Persist in the Warrant Market on August 14, 2025.”
The market closed on August 13, 2025, with a positive note, witnessing 82 advancing stocks, 153 decliners, and 24 stocks remaining unchanged. Foreign investors turned net buyers, with a net purchase of 693,000 CW.
