I. MARKET TRENDS IN WARRANTS
By the close of trading on November 6, 2025, the market saw 57 gainers, 200 losers, and 44 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage 
Source: VietstockFinance
During the November 6, 2025 session, sellers dominated the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CVPB2513, CVHM2514, CVHM2510, and CSTB2515. 
Source: VietstockFinance
Total market volume on November 6 reached 32.76 million CW, down 5.35%; trading value hit 67.88 billion VND, a 0.79% decrease compared to November 5. Among these, CFPT2512 led in volume with 1.56 million CW, while CMWG2509 topped in trading value at 2.72 billion VND.
Foreign investors resumed net selling on November 6, with a total net sell-off of 877.65 million VND. CVIC2514 and CSHB2513 were the most heavily net-sold codes.
Securities firms SSI, ACBS, KIS, and HCM are currently the issuers with the most warrant codes in the market. 
Source: VietstockFinance
II. MARKET STATISTICS 
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable from the starting date of November 7, 2025, the fair prices of warrants currently trading in the market are as follows: 
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to align with the Vietnamese market. Specifically, the risk-free treasury bill rate (Government Treasury Bill) is replaced by the average deposit rate of major banks, with maturity adjustments suitable for each warrant type.
According to the above valuation, CVIC2507 and CVRE2515 are currently the most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater volatility in response to underlying stock movements. Currently, CHPG2514 and CMSN2508 are the warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 06/11/2025
Short-Term Outlook for Warrant Market on November 6, 2025: Remains Pessimistic
As the trading session closed on November 5, 2025, the market witnessed 64 stocks advancing, 178 declining, and 31 remaining unchanged. Foreign investors continued their net buying streak, accumulating a total net purchase value of VND 388.11 million.
November 5, 2025: Investor Sentiment Shows Signs of Improvement in the Warrant Market
At the close of trading on November 4, 2025, the market saw 155 stocks rise, 61 fall, and 25 remain unchanged. Foreign investors returned to net buying, with a total net purchase value of 1.9 billion VND.
Market Outlook for Warrants on November 4, 2025: A Bearish Perspective
At the close of trading on November 3, 2025, the market saw 47 stocks rise, 173 decline, and 21 remain unchanged. Foreign investors continued their net selling streak, offloading a total of VND 3.24 billion.
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The current market dynamics surrounding Vin Group stocks are setting the stage for a critical test within the real estate sector. By late October 2025, nearly all monitored stocks had relinquished their short-term upward trajectories, marking a pivotal shift in investor sentiment.
