I. MARKET TRENDS IN WARRANTS
By the end of the trading session on December 24, 2025, the market recorded 136 gainers, 96 losers, and 27 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the December 24, 2025 session, despite market polarization, buyers dominated, driving most warrant prices higher. Notably, top gainers included CVHM2511, CVPB2513, CSTB2515, and CMWG2511.
Source: VietstockFinance
Total market volume on December 24 reached 51.9 million warrants, down 16.45%; trading value hit 102 billion VND, a 22.77% decline from December 23. CSTB2528 led in both volume and value, with 2.78 million warrants traded, totaling 8.15 billion VND.
Foreign investors resumed net selling on December 24, totaling 1.08 billion VND. CVPB2525 and CSHB2514 saw the highest net outflows.
Securities firms HCM, SSI, KIS, and ACBS currently issue the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from December 25, 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 maturities.
According to this valuation, CVPB2529 and CHDB2506 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVPB2529 and CFPT2511 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 24/12/2025
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December 24, 2025 Warrant Market Update: VIC and VHM Warrants Continue to Shine
As the trading session closed on December 23, 2025, the market witnessed 124 stocks advancing, 106 declining, and 33 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 295.68 million.
December 23, 2025: Warrant Market Rallies Alongside Underlying Market
As the trading session closed on December 22, 2025, the market witnessed 190 stocks advancing, 52 declining, and 21 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.06 billion worth of shares.
Market Warrant Review Week 22-26/12/2025: Trading Volume Plummets Across the Board
As the trading session closed on December 19, 2025, the market witnessed 165 stocks advancing, 50 declining, and 36 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 620.74 million worth of shares.
Market Warrant Trading Week 22-26/12/2025: Overall Trading Volume Plunges Further
As the trading session closed on December 19, 2025, the market witnessed 165 stocks advancing, 50 declining, and 36 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 620.74 million worth of shares.
