I. MARKET TRENDS IN WARRANTS
By the close of trading on September 26, 2025, the market saw 75 gainers, 159 decliners, and 37 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the September 26, 2025 session, sellers continued to dominate the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CVPB2513, CSTB2515, CVHM2513, and CMBB2511.
Source: VietstockFinance
Total market volume on September 26 reached 34.28 million CW, up 6.11%; trading value hit 73.6 billion VND, down 2.03% compared to September 25. Among these, CFPT2512 led in volume with 1.74 million CW, while CMWG2511 topped in trading value at 3.61 billion VND.
Foreign investors continued net selling on September 26, with a total net sell of 1.76 million CW. CMSN2517 and CHPG2514 were the most heavily net-sold codes. For the week, foreign investors net-sold over 10.58 million CW.
Securities firms SSI, ACBS, KIS, HCM, and VPBankS are currently the issuers 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 date of September 29, 2025, the reasonable prices of warrants currently trading in the market are as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model has been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (Government Treasury Bill) is replaced by the average deposit rate of major banks, with term adjustments appropriate for each type of warrant.
According to the above valuation, CVIC2507 and CVIC2508 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience larger fluctuations in response to the underlying stock. Currently, CVNM2512 and CVRE2514 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 17:58 28/09/2025
Warrant Market Update: September 26, 2025 – Market Liquidity Plunges Further
At the close of trading on September 25, 2025, the market saw 96 stocks rise, 110 decline, and 39 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 2.05 million CW.
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.
TFC Announces Record-Breaking Cash Dividend Payout
Trang Joint Stock Company (HNX: TFC) has announced a record-breaking cash dividend payout for 2024, marking the highest in the company’s history. Shareholders will receive a 20% cash dividend, equivalent to 2,000 VND per share. The ex-dividend date is set for September 30th.
September 24, 2025 Warrant Market: A Less Pessimistic Outlook
At the close of trading on September 23, 2025, the market saw 128 stocks rise, 78 decline, and 41 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 3.02 million CW.
Market Warrants on 23/09/2025: Fiery Red Alongside the Underlying Market
As the trading session closed on September 22, 2025, the market witnessed a mixed performance with 18 stocks advancing, 210 declining, and 19 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 4.46 million CW units.
