I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of trading on November 25, 2025, the market recorded 31 gainers, 231 decliners, and 26 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 25, 2025 session, sellers regained control, driving most warrant certificates into negative territory. Notable decliners included CVPB2513, CVHM2514, CSTB2515, and CMWG2511.
Source: VietstockFinance
Total market volume on November 25 reached 42.1 million CW, down 16.68%; trading value hit 82.36 billion VND, a 13.51% decline compared to November 24. CMBB2518 led in volume with 3.27 million CW, while CVIC2509 topped trading value at 7.75 billion VND.
Foreign investors continued net selling on November 25, totaling 808.11 million VND. CVJC2506 and CSHB2513 saw the highest net outflows.
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
Using a valuation method effective from November 26, 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 tailored to each warrant type.
According to this valuation, CVIC2508 and CVHM2515 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CVNM2516 and CHPG2526 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 25/11/2025
November 25, 2025 Warrant Market: VRE Warrants Surge Ahead
As the trading session closed on November 24, 2025, the market witnessed 155 stocks advancing, 107 declining, and 26 remaining unchanged. Foreign investors continued their net selling streak, with a total net outflow of 4.53 billion VND.
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.
