I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on December 11, 2025, the market recorded 32 gainers, 202 decliners, and 37 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
 Source: VietstockFinance
During the December 11, 2025 trading session, sellers continued to dominate the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CVIC2509, CVPB2513, CVHM2510, and CVPB2515.
 
Source: VietstockFinance
The total market trading volume on December 11 reached 43.01 million CW, up 28.3%; trading value reached 67.76 billion VND, up 7.64% compared to the December 10 session. Among these, CTCB2509 led the market in volume with 2.29 million CW; CMWG2513 led in trading value with 3.98 billion VND.
Foreign investors continued to net sell in the December 11 session, with a total net sell value of 2.66 billion VND. CVIC2513 and CHPG2518 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 12, 2025, the reasonable prices of the warrants currently trading on the market are as follows:
 
Source: VietstockFinance
Note: The opportunity cost in the valuation model has been adjusted to suit 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 appropriate for each type of warrant.
According to the above valuation, CVIC2508 and CVHM2515 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater fluctuations in response to the underlying securities. Currently, CTCB2509 and CHPG2515 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 11/12/2025
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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.
Short-Term Outlook Deteriorates in the Warrant Market on December 3, 2025
As the trading session closed on December 2nd, 2025, the market witnessed a mixed performance with 96 stocks advancing, 147 declining, and 31 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.48 billion worth of shares.
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