I. MARKET TRENDS IN WARRANTS
By the close of trading on October 24, 2025, the market saw 77 gainers, 140 decliners, and 37 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 24, 2025 session, sellers regained control, driving most warrant prices downward. Notable decliners included CVHM2514, CVPB2513, CVHM2511, CVHM2510, and CSTB2515.
Source: VietstockFinance
Total market volume on October 24 reached 44.33 million CW, up 0.92%; trading value hit 90.21 billion VND, down 20.91% from October 23. CMBB2518 led in both volume and value, with 2.11 million CW traded, worth 5.37 billion VND.
Foreign investors continued net selling on October 24, totaling over 991 million VND. CVHM2517 and CSHB2509 saw the highest net outflows. For the week, foreign net selling exceeded 29.53 billion VND.
Securities firms SSI, ACBS, HCM, and KIS are the top issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from October 27, 2025, the fair prices of 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 maturities.
According to this valuation, CVIC2507 and CVRE2515 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CMSN2406 and CVNM2516 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 17:58 October 26, 2025
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