I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on September 25, 2025, the market recorded 96 gainers, 110 decliners, and 39 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the September 25, 2025 trading session, sellers regained control, driving most warrant prices downward. Notably, the largest decliners included CHPG2518, CVHM2512, CVPB2513, and CMBB2511.
Source: VietstockFinance
Total market volume on September 25 reached 32.31 million CW, down 25.37%; trading value hit 75.13 billion VND, a 20.55% decrease compared to September 24. CFPT2512 led in volume with 1.49 million CW, while CSTB2520 topped in trading value at 3.83 billion VND.
Foreign investors resumed net selling on September 25, totaling 2.05 million CW. CSHB2509 and CHPG2516 were the most heavily sold warrants.
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
Based on the valuation method applicable from September 26, 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, with maturity adjustments for each warrant type.
According to the valuation, CVIC2507 and CVHM2515 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CVNM2512 and CVRE2514 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 September 25, 2025
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Market Pulse 24/09: VN-Index Successfully Rebounds, Reclaiming the 1,655-Point Milestone
At the close of trading, the VN-Index surged by 22.2 points (+1.36%), reaching 1,657.46 points, while the HNX-Index climbed 4.27 points (+1.56%) to 277.28 points. Market breadth favored the bulls, with 476 advancing stocks and 238 declining stocks. Similarly, the VN30 basket saw a dominant green trend, with 27 gainers, 2 losers, and 1 unchanged stock.
Vietstock Daily 25/09/2025: Is the August 2025 Low Providing Strong Support?
The VN-Index surged powerfully after retesting its August 2025 low (around 1,600-1,630 points). In upcoming sessions, the index must break above the Bollinger Bands’ Middle Line, accompanied by trading volume surpassing the 20-day average, to firmly solidify the recovery trend.
Warrant Market on September 25, 2025: Gaining Momentum with the Underlying Market
At the close of trading on September 24, 2025, the market saw 177 stocks rise, 36 fall, and 34 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 703,300 CW.
September 24th Session: Foreign Investors Continue Net Selling Spree, Offloading Nearly VND 1.6 Trillion – Which Stocks Took the Biggest Hit?
In the afternoon session, CII emerged as the most heavily net-bought stock across the entire market, with a remarkable value of 121 billion VND.
