I. MARKET TRENDS IN WARRANTS
By the close of trading on September 22, 2025, the market recorded 18 gainers, 210 decliners, and 19 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the September 22, 2025 session, selling pressure dominated, driving most warrant prices downward. Notable decliners included CVIC2502, CVHM2502, CVPB2513, and CSTB2515.
Source: VietstockFinance
Total market volume on September 22 reached 58.07 million CW, up 17.61%; trading value hit VND 133.86 billion, a 8.23% increase from September 19. CHPG2504 led in both volume and value, with 3.72 million CW traded, worth VND 10.38 billion.
Foreign investors continued net selling on September 22, totaling 4.46 million CW. CHPG2516 and CMSN2510 saw the highest net outflows.
Securities firms SSI, ACBS, HCM, KIS, and VPBankS currently issue the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from September 23, 2025, the fair prices of actively traded warrants are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model are adjusted for the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, adjusted for warrant maturity.
According to this valuation, CVHM2515 and CVIC2508 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVNM2512 and CMSN2507 have the highest effective gearing ratios.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 September 22, 2025
Foreign Investors’ Heaviest Net Selling Week in 2025: Warrants Market Overview for September 22-26, 2025
As the trading session closed on September 19, 2025, the market witnessed 73 stocks advancing, 150 declining, and 24 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 5.18 million CW.
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September 17, 2025: Warrant Market Shows Mixed Performance
At the close of trading on September 16, 2025, the market saw 140 stocks rise, 87 decline, and 32 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 3.18 million CW.
Market Warrants Overview for the Week of September 15-19, 2025: Overall Market Liquidity Continues to Improve
At the close of trading on September 12, 2025, the market saw 112 stocks rise, 109 fall, and 38 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 568,200 CW.
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.
