I. MARKET TRENDS IN WARRANTS
By the close of trading on November 20, 2025, the market saw 97 gainers, 150 decliners, and 41 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 20, 2025 session, sellers continued to dominate the market, driving down the prices of most warrant codes. Notably, the leading decliners included CMWG2511, CHPG2518, CMWG2525, and CTCB2507.
Source: VietstockFinance
Total market volume on November 20 reached 34.35 million warrants, down 22.45%; trading value hit 70.37 billion VND, a 13.79% decrease compared to November 19. CSTB2528 led the market in both volume and value, with a total volume of 3.75 million warrants, equivalent to 4.87 billion VND.
Foreign investors resumed net selling on November 20, totaling 3.38 billion VND. CVJC2506 and CHPG2535 were the most heavily sold warrants.
Securities firms SSI, ACBS, KIS, and HCM are currently the leading 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 November 21, 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 rate (government treasury bills) is replaced by the average deposit rate of major banks, adjusted for the respective warrant maturities.
According to the above valuation, CVIC2508 and CVRE2515 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility in response to underlying stock movements. Currently, CVNM2516 and CHPG2526 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 20/11/2025
Derivatives Market on November 20, 2025: Market Liquidity Declines Ahead of Expiry Session
On November 19, 2025, futures contracts for the VN30 and VN100 indices predominantly closed in negative territory. The VN30-Index reversed its trend, forming a small-bodied candlestick pattern after retesting the 50-day SMA, accompanied by increased trading volume compared to the previous session. This suggests a cautious sentiment among investors.
November 20, 2025: A Mixed Day for Warrant Markets as Green and Red Intersect
As the trading session closed on November 19, 2025, the market witnessed 82 stocks advancing, 172 declining, and 34 remaining unchanged. Foreign investors continued their net buying streak, accumulating a total net purchase value of VND 267.81 million.
November 19, 2025: Warrant Market Shows Signs of Investor Confidence Recovery
As the trading session closed on November 18, 2025, the market witnessed 156 stocks advancing, 84 declining, and 48 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 1.29 billion.
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.
