I. MARKET DYNAMICS OF WARRANT CERTIFICATES
By the close of trading on January 13, 2026, the market recorded 123 advancing codes, 102 declining codes, and 20 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 13, 2026 session, despite a mixed market performance, buyers gained the upper hand, driving most warrant certificates to close higher. Notably, the top gainers included CVHM2511, CVPB2513, CSTB2515, and CMWG2511. 
Source: VietstockFinance
Total market volume on January 13 reached 61.14 million CW, down 0.61%; trading value hit 128.13 billion VND, a 2.58% decrease compared to January 12. CACB2511 led the market in both volume and value, with 3.89 million CW traded, equivalent to 8.55 billion VND.
Foreign investors returned to net buying on January 13, with a total net purchase of 1.01 billion VND. CVPB2525 and CVPB2526 were the most net-bought codes.
Securities firms ACBS, VND, KIS, and SSI are currently the leading issuers with the most warrant certificates in the market. 
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT CERTIFICATE VALUATION
Based on the valuation method applicable from January 14, 2026, the fair prices of warrant certificates 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, with tenure adjustments tailored to each warrant type.
According to the above valuation, CHDB2505 and CHDB2506 are currently the most attractively priced warrant certificates.
Warrant certificates with higher effective gearing exhibit greater volatility in response to underlying stock movements. Currently, CFPT2516 and CVNM2517 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 13/01/2026
