I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of the trading session on November 11, 2025, the market recorded 161 gainers, 107 decliners, and 33 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 11, 2025 trading session, buyers regained control, driving prices higher for most warrant certificates. Notable gainers included CVIC2509, CVPB2513, CVHM2511, and CSTB2515.
Source: VietstockFinance
Total market volume on November 11 reached 42.97 million CW, up 21.95%; trading value hit VND 84.01 billion, a 31.15% increase from November 10. CMBB2518 led in both volume and value, with 3.92 million CW traded, equivalent to VND 7.27 billion.
Foreign investors continued net selling on November 11, totaling VND 109.66 million. CSHB2505 and CSHB2513 saw the highest net outflows.
Securities firms SSI, KIS, VND, and ACBS are the leading issuers of warrant certificates in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from November 12, 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, with maturity adjustments for each warrant type.
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, CMSN2508 and CHPG2514 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 November 11, 2025
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Navigating the Warrant Market on 11/11/2025: Unveiling Hidden Risks and Opportunities
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At the close of trading on November 7, 2025, the market saw 27 stocks rise, 250 fall, and 24 remain unchanged. Foreign investors continued their net selling streak, with a total net sell-off of 874.33 million VND.
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After the first nine months of 2025, most banks reported significant profit increases, even surpassing their targets, despite the pressure of narrowing net interest margins due to persistently low interest rates.
November 7, 2025 Warrant Market Update: A Day of Mixed Market Movements
At the close of trading on November 6, 2025, the market saw 57 stocks rise, 200 fall, and 44 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of VND 877.65 million.
