I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of trading on October 13, 2025, the market recorded 128 gainers, 110 decliners, and 26 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 13, 2025 session, buyers maintained market control, driving prices higher for most warrant certificates. Notable gainers included CVIC2502, CVHM2502, CSTB2515, and CVRE2505.
Source: VietstockFinance
Total market volume on October 13 reached 63.98 million CW, up 10.89%; trading value hit 195.75 billion VND, a 24.93% increase from October 9. CMWG2407 led in volume with 2.36 million CW, while CVRE2513 topped trading value at 10.57 billion VND.
Foreign investors continued net selling on October 13, totaling 3.01 million CW. CSHB2514 and CHPG2515 saw the highest net outflows.
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 effective from October 14, 2025, the fair prices of traded warrant certificates 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 this valuation, CVIC2507 and CVIC2508 are the most attractively priced warrant certificates.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CVNM2502 and CMSN2507 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 October 13, 2025
Positive Outlook Persists in the Warrant Market for the Week of October 13-17, 2025
As the trading session closed on October 10, 2025, the market witnessed 164 stocks advancing, 67 declining, and 47 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 448,600 CW.
Vietnam’s Warrant Market on October 10, 2025: VHM Warrants Continue to Shine
At the close of trading on October 9, 2025, the market saw 158 stocks rise, 84 decline, and 36 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 3.06 million CW.
October 9, 2025 Warrant Market: Optimistic Sentiment Persists
At the close of trading on October 8, 2025, the market saw 172 stocks rise, 54 decline, and 52 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 98,300 CW.
TTT Sustains 5 Consecutive Years of 20% Cash Dividend Payouts
Tay Ninh Tourism and Trading Joint Stock Company (HNX: TTT) has announced the finalization of its shareholder list for the 2024 cash dividend distribution. Shareholders will receive a 20% dividend, equivalent to VND 2,000 per share. The ex-dividend date is set for October 28, with the payment expected to commence on November 25.
October 8, 2025: Banking Warrant Market Plunges into the Red
At the close of trading on October 7, 2025, the market saw 88 stocks rise, 150 decline, and 44 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 177,300 CW.
