I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on December 29, 2025, the market recorded 116 gainers, 109 decliners, and 34 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
 
Source: VietstockFinance
During the December 29, 2025 session, the market exhibited mixed movements, with buyers gaining a slight edge, leading to price increases in most warrant codes. Notably, the top gainers included CSTB2515, CVHM2516, CMWG2511, and CMBB2511.
Source: VietstockFinance
Total market volume on December 29 reached 33.42 million CW, down 48.76%; trading value hit 60.26 billion VND, a 54.42% decline compared to the December 26 session. CVPB2525 led in volume with 1.96 million CW, while CSTB2521 topped in trading value at 3.27 billion VND.
Foreign investors continued net selling on December 29, totaling 4.37 billion VND. CSTB2529 and CVPB2525 were the most heavily net-sold warrants.
Securities firms HCM, SSI, KIS, and ACBS are currently the leading issuers with the most warrant codes in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable from December 30, 2025, the fair prices of warrants currently trading are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to align with the Vietnamese market. Specifically, the risk-free rate (Government Treasury bills) is replaced by the average deposit rate of major banks, adjusted for the respective warrant maturities.
According to the valuation, CVIC2509 and CVIC2513 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CVNM2510 and CVNM2517 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 December 29, 2025
Market Warrant Trading Week of December 29–31, 2025: Total Trading Volume Surges Over 30%
As the trading session closed on December 26, 2025, the market witnessed a mixed performance with 61 stocks advancing, 175 declining, and 23 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.98 billion worth of shares.
December 26, 2025: Warrant Market Outlook – Is the Market Turning Sour?
As the trading session closed on December 25, 2025, the market witnessed a mixed performance with 77 stocks advancing, 159 declining, and 23 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 1.58 billion VND.
December 25, 2025: VHM Warrants Continue to Shine in the Warrants Market
As the trading session closed on December 24, 2025, the market witnessed 136 stocks advancing, 96 declining, and 27 remaining unchanged. Foreign investors resumed net selling, with a total net sell-off of 1.08 billion VND.
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.
