I. MARKET DYNAMICS OF WARRANTS
By the close of trading on December 8, 2025, the market saw 57 gainers, 183 losers, and 34 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
 
Source: VietstockFinance
During the December 8, 2025 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 CVPB2515, CMBB2511, CSTB2515, and CVRE2511.
 
Source: VietstockFinance
Total market trading volume on December 8 reached 39.95 million CW, down 10.18%; trading value reached 96.11 billion VND, down 2.04% compared to the December 5 session. Among these, CMSN2514 led the market in volume with 2.37 million CW; CVIC2509 led in trading value with 15.54 billion VND.
Foreign investors continued to net sell in the December 8 session, with a total net sell of 2.35 billion VND. CVPB2525 and CVRE2524 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 appropriate valuation method as of the starting date of December 9, 2025, the reasonable prices of the warrants currently trading in 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) will be replaced by the average deposit rate of major banks, with term adjustments suitable for each type of warrant.
According to the above valuation, CVIC2508 and CVHM2515 are currently the two most attractively valued 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 08/12/2025
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.
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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