I. MARKET DYNAMICS OF WARRANTS
By the close of trading on November 17, 2025, the market saw 203 gainers, 67 decliners, and 31 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 17, 2025 session, buyers regained control, driving most warrant prices higher. Notably, top gainers included CVIC2509, CVPB2513, CVHM2511, and CMWG2511.
Source: VietstockFinance
Total market volume on November 17 reached 50.88 million warrants, up 2.98%; trading value hit 94.79 billion VND, a 10.38% increase from November 14. CSTB2528 led in volume with 3.73 million warrants, while CMBB2518 topped trading value at 4.67 billion VND.
Foreign investors continued net selling on November 17, totaling 2.05 billion VND. CVHM2521 and CSHB2513 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 November 18, 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 maturities.
According to this valuation, CVRE2515 and CVJC2504 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVNM2516 and CHPG2526 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 17/11/2025
Will the Stock Market Shift Gears Next Week?
The VN-Index continued its recovery last week, though investor sentiment remained cautious with subdued trading volumes. Despite this, positive signals emerged in select stock groups, attracting bottom-fishing demand. Analysts advise investors to position for a potential trend reversal once recovery signals are confirmed, while maintaining a cash reserve to capitalize on emerging opportunities.
VN-Index Rebounds Unexpectedly Amid Low Liquidity: Is This the Bottom or Just a Bull Trap?
Experts suggest that last week’s market movements paint a picture of cautious optimism, with investors tentatively stepping out of a bearish trend rather than falling prey to a fleeting bull trap characterized by rapid inflation followed by immediate sell-offs.
Market Pulse 11/17: Real Estate Sector Drives Gains, VN-Index Continues Recovery
At the close of trading, the VN-Index surged by 18.96 points (+1.16%), reaching 1,654.42 points, while the HNX-Index climbed 1.08 points (+0.4%), settling at 268.69 points. Market breadth favored the bulls, with 486 advancing stocks outpacing 238 decliners. Similarly, the VN30 basket saw a dominant green trend, with 28 gainers and only 2 losers.
Fastest Capital-Raising Real Estate Firm Set to List on HoSE
The Ho Chi Minh City Stock Exchange (HoSE) has recently received the listing application for 200 million RGG shares from Regal Group Joint Stock Company. Prior to this, Regal Group successfully offered 20 million shares to existing shareholders at a price of 10,000 VND per share, increasing its chartered capital from 1.8 trillion VND to 2 trillion VND.
Market Warrants Overview for the Week of November 17-21, 2025: A Mixed Performance
As the trading session closed on November 14, 2025, the market witnessed 121 stocks advancing, 139 declining, and 41 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 7.08 billion VND.
