I. MARKET TRENDS IN WARRANTS
By the end of the trading session on January 12, 2026, the market saw 173 gainers, 57 decliners, and 15 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 12, 2026 trading session, buyers regained control, driving most warrant prices higher. Notable gainers included CVPB2513, CMBB2511, CSTB2515, and CMWG2511.
Source: VietstockFinance
Total market volume on January 12 reached 61.52 million warrants, up 16.58%; trading value hit 131.54 billion VND, a 38.5% increase from January 9. CTCB2518 led in volume with 3.18 million warrants, while CVPB2513 topped trading value at 8.74 billion VND.
Foreign investors continued net selling on January 12, totaling 805.37 million VND. CFPT2525 and CMWG2521 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 January 13, 2026, the fair prices of actively 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, CVHM2512 and CTCB2518 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying securities. Currently, CFPT2516 and CVNM2517 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 January 12, 2026
Warrant Market Outlook for January 12-16, 2026: Short-Term Prospects Deteriorating
At the close of trading on January 9, 2026, the market saw 71 stocks rise, 159 fall, and 15 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 1.66 billion VND.
Emerging Economic Powerhouse: Growth Rankings Fluctuate Post-Merger
In 2025, Quang Ninh emerged as the nation’s leader in Gross Regional Domestic Product (GRDP) growth, achieving an impressive 11.89%. Notably, neither Hanoi nor Ho Chi Minh City made it into the top five provinces and cities surpassing the 10% growth mark.
January 9, 2026: Foreign Investors Return with Strong Net Buying in Warrant Market
At the close of trading on January 8, 2026, the market saw 73 stocks rise, 146 fall, and 36 remain unchanged. Foreign investors returned to net buying, with a total net purchase value of 10.9 billion VND.
January 8, 2026: Warrant Market Rallies Alongside Underlying Market
At the close of trading on January 7, 2026, the market saw 178 stocks rise, 59 fall, and 21 remain unchanged. Foreign investors continued their net selling streak, offloading a total of VND 367.7 million.
Derivatives Market on January 7, 2026: Bulls Take the Crown
On January 6, 2026, both the VN30 and VN100 futures contracts surged in a robust trading session. The VN30-Index climbed higher, accompanied by trading volumes that exceeded the 20-session average, reflecting a bullish sentiment among investors.
