I. MARKET TRENDS IN WARRANTS
By the close of trading on November 18, 2025, the market saw 156 gainers, 84 decliners, and 48 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 18, 2025 session, buyers continued to dominate, driving most warrant prices higher. Notable gainers included CVIC2509, CVPB2513, CVHM2511, and CMWG2511.
Source: VietstockFinance
Total market volume on November 18 reached 37.74 million warrants, down 25.81%; trading value hit 70.59 billion VND, a 25.53% decline from November 17. CFPT2512 led in volume with 2.42 million warrants, while CLPB2503 topped trading value at 3.84 billion VND.
Foreign investors returned to net buying on November 18, with a total net purchase of 1.29 billion VND. CVIC2510 and CMWG2522 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 19, 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 this valuation, CVRE2515 and CVJC2504 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CHPG2526 and CVNM2516 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 November 18, 2025
Stock Market Update November 18: Shifting Capital to Attractive Stocks Drives Investment Flow
In the November 17th session, numerous stocks demonstrated significant upward momentum. Investors are advised to focus on those tickers currently attracting substantial capital inflows.
November 18, 2025: Warrant Market Rallies Alongside Underlying Market
As the trading session closed on November 17, 2025, the market witnessed 203 stocks advancing, 67 declining, and 31 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.05 billion worth of shares.
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.
“Unusual Signals” from the Sudden Profit Growth Surge in Q3 Earnings Season
The primary driver of the significant growth stems from financial income streams, such as asset sales, exchange rate gains, and reserve reversals, rather than core business operations.
Market Warrants on November 14, 2025: Negative Signals Reemerge
At the close of trading on November 13, 2025, the market saw 81 stocks rise, 181 decline, and 39 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of VND 2.59 billion.
