I. MARKET TRENDS IN WARRANTS
By the close of trading on December 10, 2025, the market recorded 62 gainers, 168 decliners, and 41 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the December 10, 2025 session, sellers dominated the market, driving most warrant prices downward. Notable decliners included CVIC2509, CVHM2514, CMWG2511, CVPB2515, and CSTB2515.
Source: VietstockFinance
Total market volume on December 10 reached 33.52 million CW, down 43.21%; trading value hit VND 62.95 billion, a 44.94% decline from December 9. CVRE2513 led in volume with 3.48 million CW, while CMWG2513 topped trading value at VND 3.96 billion.
Foreign investors continued net selling on December 10, totaling VND 2.97 billion. CVRE2524 and CSHB2509 saw the highest net outflows.
Securities firms SSI, ACBS, VND, and HCM are the leading issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from December 11, 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, adjusted for warrant maturities.
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, CTCB2509 and CHPG2515 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 10/12/2025
Market Warrants on December 12, 2025: Fiery Red Alongside the Underlying Market
As the trading session closed on December 11, 2025, the market witnessed a mixed performance with 32 stocks advancing, 202 declining, and 37 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.66 billion worth of shares.
Market Warrants on December 9, 2025: A Sea of Red Dominates
At the close of trading on December 8, 2025, the market saw 57 stocks rise, 183 fall, and 34 remain unchanged. Foreign investors continued their net selling streak, with a total net sell-off of VND 2.35 billion.
Market Outlook for Warrants Week 08-12/12/2025: Pessimism Resurfaces
At the close of trading on December 5, 2025, the market saw 37 stocks rise, 207 fall, and 30 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of VND 932.43 million.
2025/12/05 Warrants Market Outlook: Short-Term Prospects Remain Positive
At the close of trading on December 4, 2025, the market saw 165 stocks rise, 80 decline, and 29 remain unchanged. Foreign investors continued their net buying streak, accumulating a total net purchase value of 586.54 million VND.
Market Warrant Update: December 4, 2025 – Gaining Momentum Alongside the Underlying Market
As the trading session closed on December 3, 2025, the market witnessed a positive trend with 203 stocks advancing, 38 declining, and 33 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 602.94 million.
