I. MARKET TRENDS IN WARRANTS
By the close of the trading session on October 28, 2025, the market recorded 138 gainers, 76 decliners, and 39 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 28, 2025 trading session, buyers regained control, driving prices up for most warrant codes. Notable gainers included CVIC2509, CVPB2513, CSTB2515, CMWG2511, and CLPB2503.
Source: VietstockFinance
Total market volume on October 28 reached 46.94 million warrants, up 7.93%; trading value hit VND 98.02 billion, down 13.21% from October 27. CFPT2512 led in volume with 3.15 million warrants, while CMWG2520 topped trading value at VND 5.34 billion.
Foreign investors continued net selling on October 28, totaling VND 1.17 billion. CFPT2525 and CVRE2523 saw the highest net outflows.
Securities firms SSI, ACBS, KIS, and HCM currently issue the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from October 29, 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 securities. Currently, CMSN2406 and CFPT2404 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 October 28, 2025
October 28, 2025: Warrant Market Plunges into Sea of Red
At the close of trading on October 27, 2025, the market saw 38 stocks rise, 172 fall, and 43 remain unchanged. Foreign investors continued their net selling streak, offloading over 2.17 billion VND in total.
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