I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the end of the trading session on September 12, 2025, the market recorded 112 gainers, 109 decliners, and 38 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
 
Source: VietstockFinance
During the September 12, 2025 trading session, buyers continued to dominate the market, driving most warrant certificates higher. Notably, the top gainers included CVIC2502, CSTB2515, CVPB2516, and CHPG2518.
Source: VietstockFinance
Total market volume on September 12 reached 76.98 million CW, up 14.87%; trading value hit 184.87 billion VND, a 13.31% increase compared to September 11. CMSN2503 led in volume with 3.67 million CW, while CMSN2514 topped in trading value at 13.64 billion VND.
Foreign investors returned to net buying on September 12, with a total net purchase of 568,200 CW. CMSN2506 and CMSN2509 were the most net-bought warrants. For the week, foreign investors net sold over 9.73 million CW.
Securities firms SSI, ACBS, KIS, HCM, and VPBankS currently issue the most warrant certificates in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method appropriate for the starting date of September 15, 2025, the fair prices of warrants currently trading in the market are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to align with the Vietnamese market. Specifically, the risk-free rate (Government Treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments for each warrant type.
According to the valuation, CVHM2515 and CVHM2508 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility in response to underlying stock movements. Currently, CVNM2512 and CVNM2502 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 17:58 14/09/2025
September 16, 2025: Optimism Spreads Across the Warrant Market
At the close of trading on September 15, 2025, the market saw 147 stocks rise, 79 decline, and 33 remain unchanged. Foreign investors continued their net buying streak, accumulating a total of 1.09 million CW.
September 19, 2025: Foreign Investors Ramp Up Net Selling in Warrant Market
At the close of trading on September 18, 2025, the market saw 54 stocks rise, 173 decline, and 20 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 4.9 million CW.
“Warrant Market Update: A Turn for the Better”
The trading session on September 11, 2025, concluded with a positive note for the market, with 175 stocks rising, 59 falling, and 25 remaining unchanged. Foreign investors continued to offload holdings, with a net sell-off of 2.34 million covered warrants.
Market Review: A Tale of Two Directions
The market closed on September 9th, 2025, with a diverse performance. Out of all the stocks traded, 75 advanced, 144 declined, and 40 remained unchanged. Foreign investors continued their net-selling trend, offloading a total of 3.65 million covered warrants.
VPB Contracts Bear the Brunt of Selling Pressure in the Warrant Market on September 9, 2025.
The market closed on September 8th, 2025, with a mixed performance. Out of all the stocks traded, only 21 ended in the green, while a staggering 205 declined, and 33 remained unchanged. Foreign investors continued their selling spree, offloading a net total of 3.52 million covered warrants.
