I. MARKET DEVELOPMENT OF WARRANTS
As of the market close on August 25, 2025, there were 47 advancing codes, 191 declining codes, and 21 reference codes for the entire market.
Market breadth over the last 20 sessions. Unit: Percentage
Source: VietstockFinance
In the trading session on August 25, 2025, sellers continued to dominate the market, causing most of the warrant codes to decline. Specifically, the large codes in the declining group were CVPB2513, CMBB2511, CVHM2502, and CLPB2502.
Source: VietstockFinance
The total market volume in the August 25 session reached 70.91 million CW, down 31.95%; the trading value reached VND 181.29 billion, down 40.61% compared to the August 22 session. Of which, CHPG2406 was the code leading the market in volume with 3.81 million CW; CTPB2503 led in trading value with VND 8.93 billion.
Foreigners continued to sell a net in the session of August 25 with a total net selling volume of 4.38 million CW. In particular, CHPG2512 and CMSN2506 were the two codes that were net sold the most.
Securities companies SSI, ACBS, HCM, KIS, and VPBankS 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 26, 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 rate (government bill rate) 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 CVHM2509 are currently the two warrant codes with the most attractive valuations.
The higher the effective gearing ratio of the warrant codes, the greater the increase/decrease with the underlying securities. Currently, CHPG2512 and CMSN2506 are the two warrant codes with the highest effective gearing ratios in the market.
Department of Economic Analysis & Market Strategy, Vietstock Consulting Department
– 18:58 25/08/2025
The Warrant Market Week of August 25-29, 2025: Ablaze with the Underlying Market
The trading session on August 22, 2025, concluded with a mixed performance across the market. Amidst a sea of 243 stocks, 28 emerged victorious with upward trends, while 215 succumbed to downward pressures. The remaining 16 stocks remained unchanged, serving as a stalwart anchor in this tempestuous market climate. Foreign investors maintained their cautious stance, offloading a net sell-off of 4.84 million covered warrants.
Seafood in Q2: Capitalizing on the Tax “Loophole” from the US
The second quarter of 2025 witnessed a remarkable surge in seafood exports, particularly tra fish, as the US postponed its retaliatory tariffs for an additional three months until after July 9. This strategic move provided a window of opportunity for businesses to ramp up their shipments to key markets, resulting in exceptional revenue and profit growth for the industry.
The Derivatives Market on August 19, 2025: A Tug of War
The trading session on August 18, 2025, concluded with a mixed performance across the market. Out of all the stocks traded, there were 105 gainers, 126 losers, and 28 stocks that remained unchanged. Foreign investors continued their net-selling trend, offloading a total of 98,500 CW worth of shares.
The Warrant Market on August 22, 2025: VPB Warrants Shine Bright
The trading session on August 21st, 2025, concluded with a positive note for the market. A total of 196 stocks witnessed an increase, while only 42 experienced a decrease, and 21 remained unchanged. Foreign investors continued to offload their positions, resulting in a net sell-off of 2.04 million CW.
“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.
