I. MARKET DYNAMICS OF WARRANTS
By the close of trading on October 23, 2025, the market recorded 118 advancing codes, 109 declining codes, and 41 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 23, 2025 session, buyers regained control, driving prices up for most warrant codes. Notable gainers included CVIC2502, CVIC2509, CVHM2502, CVHM2514, CVHM2511, CVHM2510, and CVRE2511.
Source: VietstockFinance
Total market volume on October 23 reached 43.93 million CW, up 0.73%; trading value hit 114.08 billion VND, a 21.13% increase from October 22. CMSN2503 led in volume with 1.9 million CW, while CVHM2514 topped trading value at 10.03 billion VND.
Foreign investors continued net selling on October 23, totaling 10.39 billion VND. CVHM2521 and CVHM2522 saw the highest net outflows.
Securities firms SSI, ACBS, KIS, and HCM are the leading issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from October 24, 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, adjusted for warrant maturity.
According to the valuation, CVIC2507 and CVRE2515 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVNM2502 and CMSN2406 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 October 23, 2025
October 23, 2025: Foreign Investors Continue Net Selling Streak in Warrant Market
At the close of trading on October 22, 2025, the market saw 106 stocks rise, 128 fall, and 34 remain unchanged. Foreign investors continued their net selling streak, with a total net outflow nearing 3.19 billion VND.
October 22, 2025: Optimism Returns to the Warrant Market
As the trading session closed on October 21, 2025, the market witnessed 138 stocks advancing, 99 declining, and 24 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 8.55 billion worth of shares.
October 21, 2025: Warrant Market Blazes Alongside Underlying Market
As the trading session closed on October 20, 2025, the market witnessed a mixed performance with 14 stocks advancing, 218 declining, and 29 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of approximately VND 6.42 billion.
TW Pharmaceuticals Reports 45% Surge in Quarterly Profit, Yet Cumulative Earnings Remain Significantly Down
With robust cost control measures, TW 25 Pharmaceutical JSC (UPCoM: UPH) reported a 45% year-over-year surge in Q3 2025 profits, despite a decline in gross profit.
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.
