I. MARKET DYNAMICS OF WARRANTS
By the close of trading on November 26, 2025, the market recorded 186 gainers, 63 decliners, and 39 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 26, 2025 session, buyers regained control, driving prices higher for most warrant codes. Notable gainers included CVIC2509, CVPB2513, CSTB2515, and CMWG2511.
Source: VietstockFinance
Total market volume on November 26 reached 44.35 million warrants, up 5.34%; trading value hit 83.75 billion VND, a 1.68% increase from November 25. CSTB2528 led in volume with 3.25 million warrants, while CMBB2518 topped trading value at 4.77 billion VND.
Foreign investors turned net buyers on November 26, with a total net purchase of 676.73 million VND. CHPG2535 and CSHB2507 were the most heavily bought warrants.
Securities firms SSI, ACBS, KIS, and HCM currently issue the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from November 27, 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 CVHM2515 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 26/11/2025
Market Update: Warrants Trading on November 26, 2025 – Red Dominates the Market
As the trading session closed on November 25, 2025, the market witnessed a mixed performance with 31 stocks advancing, 231 declining, and 26 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 808.11 million worth of shares.
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.
