I. MARKET TRENDS IN WARRANTS
By the close of trading on November 3, 2025, the market recorded 47 gainers, 173 decliners, and 21 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 3, 2025 session, sellers dominated the market, causing most warrant prices to decline. Notable decliners included CVPB2513, CSTB2515, CVHM2514, CVHM2510, and CMWG2511.
Source: VietstockFinance
Total market volume on November 3 reached 44.46 million warrants, up 20.28%, while trading value fell 6.88% to VND 86.31 billion compared to October 31. CFPT2512 led in volume with 2.67 million warrants, and CMWG2510 topped trading value at VND 5.62 billion.
Foreign investors continued net selling on November 3, totaling VND 3.24 billion. CVNM2521 and CSTB2522 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 November 4, 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 this valuation, CVIC2507 and CVHM2515 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CHPG2514 and CFPT2515 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 November 3, 2025
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