I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on December 1, 2025, the market recorded 136 advancing codes, 116 declining codes, and 36 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
 Source: VietstockFinance
During the December 1, 2025 trading session, the market exhibited mixed movements, with buyers gaining a slight edge, leading to price increases for most warrant codes. Notably, the top gainers among warrant codes were CVIC2509, CVPB2513, CVHM2514, and CVHM2511.
 Source: VietstockFinance
Total market trading volume on December 1 reached 48.71 million CW, down 3.71%; trading value hit 74.9 billion VND, a 15.95% decrease compared to the November 28 session. Among these, CHPG2535 led the market in both trading volume and value, with a total volume of 5 million CW, equivalent to 3.73 billion VND.
Foreign investors continued to net sell in the December 1 session, with a total net sell value of 1.73 billion VND. CVNM2519 and CVNM2518 were the two most heavily net-sold codes.
Securities companies SSI, ACBS, VND, and HCM are currently the issuers with the most warrant codes in the market.
 
Source: VietstockFinance
II. MARKET STATISTICS
 
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method appropriate as of the starting date of December 2, 2025, the fair prices of warrants currently trading in the market are as follows:
 
Source: VietstockFinance
Note: The opportunity cost in the valuation model has been adjusted to align with the Vietnamese market. Specifically, the risk-free treasury bill rate (Government Treasury Bill) is replaced by the average deposit rate of major banks, with maturity adjustments suitable for each type of warrant.
According to the above valuation, CVIC2508 and CVJC2506 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience larger fluctuations in response to the underlying securities. Currently, CVPB2525 and CTCB2509 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 December 1, 2025
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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.
November 27, 2025: Foreign Investors Return to Net Buying in Warrant Market
As the trading session closed on November 26, 2025, the market witnessed 186 stocks advancing, 63 declining, and 39 remaining unchanged. Foreign investors returned to net buying, with a total net purchase value of VND 676.73 million.
