I. MARKET TRENDS IN WARRANTS
By the close of trading on November 4, 2025, the market recorded 155 advancing issues, 61 declining issues, and 25 unchanged issues.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 4, 2025 session, buyers regained control, driving most warrant prices higher. Notable gainers included CVIC2509, CVPB2513, CVHM2514, and CSTB2515.
Source: VietstockFinance
Total market volume on November 4 reached 48.86 million CW, up 9.91%; trading value hit 103.89 billion VND, a 20.36% increase from November 3. CMWG2520 led in volume with 2.76 million CW, while CSTB2514 topped trading value at 10.53 billion VND.
Foreign investors returned to net buying on November 4, with a total net purchase of 1.9 billion VND. CHPG2517 and CFPT2525 were the most net-bought warrants.
Securities firms SSI, ACBS, KIS, and HCM are currently 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 5, 2025, the fair prices of actively traded warrants are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been 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 the respective warrant maturities.
According to this valuation, CVIC2507 and CVRE2515 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CHPG2514 and CMSN2508 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 November 4, 2025
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