I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of trading on November 24, 2025, the market recorded 155 advancing codes, 107 declining codes, and 26 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 24, 2025 session, buyers regained control, driving prices higher for most warrant certificates. Notably, the top gainers included CVIC2509, CVPB2513, CVHM2514, and CVRE2511.
Source: VietstockFinance
Total market volume on November 24 reached 50.53 million CW, up 18.87%, while trading value hit 95.23 billion VND, a 23.44% increase compared to November 21. CHPG2535 led the market in both volume and value, with 4.9 million CW traded, equivalent to 5.06 billion VND.
Foreign investors continued net selling on November 24, totaling 4.53 billion VND. CHPG2535 and CVJC2506 were the most heavily sold.
Securities firms SSI, ACBS, KIS, and HCM are currently the leading issuers of warrant certificates in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method as of November 25, 2025, the fair prices of actively traded warrant certificates 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 valuation, CVRE2515 and CVHM2515 are currently the most attractively priced warrant certificates.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. CVNM2516 and CHPG2526 currently lead the market in effective gearing.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 November 24, 2025
Market Outlook for Warrant Trading Week 24-28/11/2025: A Mix of Green and Red Trends
As the trading session closed on November 21, 2025, the market witnessed a mixed performance with 91 stocks advancing, 160 declining, and 37 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 3.57 billion worth of shares.
November 21, 2025: Warrant Market Liquidity Continues to Decline
As the trading session closed on November 20, 2025, the market witnessed 97 stocks advancing, 150 declining, and 41 remaining unchanged. Foreign investors resumed net selling, with a total net outflow of VND 3.38 billion.
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.
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.
