I. MARKET TRENDS IN WARRANTS
By the close of trading on December 12, 2025, the market recorded 14 gainers, 217 losers, and 26 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the December 12, 2025 session, selling pressure dominated, causing most warrant prices to decline. Notably, the major warrant codes in the red included CVIC2509, CVPB2513, CVHM2511, and CMWG2511.
Source: VietstockFinance
Total market volume on December 12 reached 53.32 million CW, up 23.96%; trading value hit 106.33 billion VND, a 56.92% increase from December 11. CMWG2510 led in both volume and value, with 2.56 million CW traded, totaling 9.29 billion VND.
Foreign investors continued net selling on December 12, totaling 2.18 billion VND. CHPG2518 and CVJC2506 saw the highest net outflows. Weekly net selling exceeded 11.67 billion VND.
Securities firms HCM, SSI, VND, and ACBS are the top issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from December 15, 2025, the fair prices of 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 maturity.
According to this valuation, CVIC2508 and CVIC2509 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CHPG2515 and CSTB2511 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 17:58 14/12/2025
December 10, 2025: Warrant Market Sees 47% Surge in Trading Volume
At the close of trading on December 9, 2025, the market saw 55 stocks rise, 194 fall, and 25 remain unchanged. Foreign investors continued their net selling streak, offloading a total of VND 1.52 billion worth of shares.
December 11, 2025 Warrant Market: A Day of Mixed Trends?
As the trading session closed on December 10, 2025, the market witnessed a mixed performance with 62 stocks advancing, 168 declining, and 41 remaining unchanged. Foreign investors continued their net selling trend, offloading a total of VND 2.97 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 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 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.
