I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on October 14, 2025, the market recorded 98 advancing issues, 135 declining issues, and 31 unchanged issues.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 14, 2025 trading session, sellers regained control, driving most warrant prices downward. Notably, the largest warrants in the declining group were CVIC2502, CVHM2502, CSTB2515, and CVRE2505.
Source: VietstockFinance
Total market volume on October 14 reached 77.5 million CW, up 21.12%; trading value hit 239.71 billion VND, a 22.45% increase from October 13. CFPT2404 led in volume with 1.87 million CW, while CVHM2514 topped in trading value at 12.16 billion VND.
Foreign investors continued net selling on October 14, totaling 4.15 million CW. CVPB2524 and CMSN2509 were the most heavily net-sold warrants.
Securities firms SSI, ACBS, KIS, HCM, 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 October 15, 2025, the fair prices of warrants currently trading 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 the respective warrant maturities.
According to the valuation, CVIC2507 and CVIC2508 are currently the most attractively priced warrants.
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 14/10/2025
October 17, 2025 Warrant Market: A Mixed Bag of Opportunities and Challenges
At the close of trading on October 16, 2025, the market saw 93 stocks rise, 132 fall, and 39 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 5.21 million CW.
October 14, 2025 Warrant Market: A Day of Mixed Trends
At the close of trading on October 13, 2025, the market saw 128 stocks rise, 110 decline, and 26 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 3.01 million CW.
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.
