I. FUTURES CONTRACTS OF THE STOCK MARKET INDEX
I.1. Market Trends
VN30 futures contracts experienced a collective decline during the trading session on November 27, 2025. Specifically, VN30F2512 (F2512) dropped by 0.2%, closing at 1,921 points; 41I1G1000 (I1G1000) fell by 0.35%, ending at 1,917.2 points; 41I1G3000 (I1G3000) decreased by 0.35%, closing at 1,910 points; and 41I1G6000 (I1G6000) declined by 0.33%, finishing at 1,912.5 points. The underlying index, VN30-Index, closed at 1,921.18 points.
In contrast, most VN100 futures contracts saw gains during the same session. Notably, 41I2FC000 (I2FC000) dipped by 0.05%, closing at 1,824 points; 41I2G1000 (I2G1000) rose by 0.67%, reaching 1,830 points; 41I2G3000 (I2G3000) surged by 1.35%, hitting 1,833.1 points; and 41I2G6000 (I2G6000) increased by 0.29%, closing at 1,812.80 points. The underlying index, VN100-Index, ended the session at 1,827.32 points.
During the November 27, 2025 trading session, the VN30F2512 contract initially rallied from the ATO session, but short sellers quickly emerged, narrowing the gains and weakening the contract by the end of the morning session. In the afternoon, despite buyers’ efforts to push the contract back above the reference level, selling pressure persisted, causing VN30F2512 to reverse and close in negative territory at 1,921 points, down 3.9 points.
Intraday Chart of VN30F2512
Source: https://stockchart.vietstock.vn/
At the close, the basis of the F2512 contract reversed from the previous session, reaching -0.18 points. This indicates a return of bearish sentiment among investors.
Fluctuations of VN30F2512 and VN30-Index
Source: VietstockFinance
Note: Basis is calculated as: Basis = Futures Contract Price – VN30-Index
Meanwhile, the basis of the I2FC000 contract widened compared to the previous session, reaching -3.32 points, reflecting increased investor pessimism.
Fluctuations of 41I2FC000 and VN100-Index
Source: VietstockFinance
Note: Basis is calculated as: Basis = Futures Contract Price – VN100-Index
Trading volume and value in the derivatives market both declined by 11.28% and 11.15%, respectively, compared to the November 26, 2025 session. Specifically, the trading volume of F2512 decreased by 11.24%, with 224,052 contracts matched. The trading volume of I2FC000 fell by 42.5%, with only 42 contracts traded.
Foreign investors continued to net sell, with a total net selling volume of 634 contracts during the November 27, 2025 session.
Daily Trading Volume Fluctuations in the Derivatives Market. Unit: Contracts
Source: VietstockFinance
I.2. Valuation of Futures Contracts
Based on the fair pricing method as of the start of November 28, 2025, the reasonable price range for actively traded futures contracts is as follows:
Summary Table of Derivatives Contract Valuation for VN30-Index and VN100-Index
Source: VietstockFinance
Note: Opportunity costs in the valuation model are adjusted to suit the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, with term adjustments for each futures contract.
I.3. Technical Analysis of VN30-Index
During the November 27, 2025 trading session, the VN30-Index declined, accompanied by a small-bodied candlestick pattern and erratic trading volume, indicating unstable investor sentiment.
The Bollinger Bands continued to narrow, while the ADX indicator remained weak, hovering in the gray zone (20 < ADX < 25).
If these technical signals do not improve, the index is likely to continue its sideways movement, with alternating up and down sessions in the coming days.
Technical Analysis Chart of VN30-Index
Source: VietstockUpdater
II. FUTURES CONTRACTS OF THE BOND MARKET
Based on the fair pricing method as of the start of November 28, 2025, the reasonable price range for actively traded bond futures contracts is as follows:
Summary Table of Government Bond Futures Contract Valuation
Source: VietstockFinance
Note: Opportunity costs in the valuation model are adjusted to suit the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, with term adjustments for each futures contract.
According to the above valuation, the GB05F2512, 41B5G3000, and 41B5G6000 contracts are currently attractively priced. Investors should focus on and consider buying these futures contracts in the near term, as they present a favorable opportunity in the market.
Economic Analysis & Market Strategy Department, Vietstock Consulting Division
– 18:28 27/11/2025
November 28, 2025 Warrant Market Update: A Mixed Trading Session
At the close of trading on November 27, 2025, the market saw 119 stocks rise, 132 fall, and 37 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 3.04 billion VND.
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The VN-Index continues its upward trajectory, firmly positioned above the 50-day SMA, while the MACD has decisively crossed above the zero line. Meanwhile, the HNX-Index is experiencing a tug-of-war as it retests the Middle Band of the Bollinger Bands.
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The VN-Index experienced modest growth, forming a Doji pattern as it tested the 50-day SMA. Meanwhile, the HNX-Index halted its downward trend after retesting the previous support level of 256-258 points.
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