I. MARKET TRENDS IN WARRANTS
By the close of trading on October 20, 2025, the market recorded 14 gainers, 218 decliners, and 29 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 20, 2025 session, sellers dominated the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CVIC2502, CVHM2502, CVIC2509, CVHM2514, and CVPB2513.
Source: VietstockFinance
Total market volume on October 20 reached 65.52 million CW, up 12.33%; trading value hit 174.57 billion VND, down 0.62% compared to the October 17 session. Among these, CMSN2509 led in volume with 2.31 million CW, while CMSN2516 topped in trading value at 6.06 billion VND.
Foreign investors continued net selling in the October 20 session, totaling nearly 6.42 billion VND. CMSN2518 and CVHM2521 were the two most heavily net-sold codes.
Securities companies SSI, ACBS, KIS, and HCM 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 October 21, 2025, the reasonable prices of warrants currently trading in the market are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have 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 CVRE2515 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience larger fluctuations in response to underlying securities. Currently, CHPG2504 and CMSN2503 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 October 20, 2025
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Market Outlook for Warrant Trading Week of October 20-24, 2025: Deteriorating Conditions Ahead
As the trading session closed on October 17, 2025, the market witnessed a mixed performance with 46 stocks advancing, 178 declining, and 34 remaining unchanged. Foreign investors returned to net buying, accumulating a total of 1.54 million CW.
October 16, 2025: Foreign Investors Continue Net Selling in Warrant Market
At the close of trading on October 15, 2025, the market saw 105 stocks rise, 126 fall, and 33 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 2.6 million CW.
October 15, 2025: Warrant Market Fluctuates with Mixed Green and Red Signals
At the close of trading on October 14, 2025, the market saw 98 stocks rise, 135 decline, and 31 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 4.15 million CW.
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.
