I. MARKET DYNAMICS OF WARRANT CONTRACTS
By the close of trading on January 15, 2026, the market recorded 110 advancing codes, 130 declining codes, and 29 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 15, 2026 session, the market exhibited mixed movements, with sellers gaining the upper hand, leading to price declines in most warrant contracts. Notably, the major warrant codes in the declining group were CVHM2511, CVPB2513, CMWG2511, and CVIC2511.
Source: VietstockFinance
Total market trading volume on January 15 reached 65.54 million warrants, down 2%; trading value hit 131.34 billion VND, up 1.4% compared to the January 14 session. Among these, CVPB2525 led the market in volume with 2.48 million warrants; CMBB2511 topped trading value at 4.97 billion VND.
Foreign investors continued net selling in the January 15 session, totaling 1.65 billion VND. CVPB2525 and CVHM2522 were the two most net-sold codes.
Securities companies ACBS, VND, KIS, and SSI are currently the issuers with the most warrant codes in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the appropriate valuation method as of the starting date of January 16, 2026, the fair prices of the warrants currently trading in the market are as follows:
Source: VietstockFinance
Note: The opportunity cost in the valuation model has been adjusted to align with the Vietnamese market. Specifically, the risk-free treasury bill rate (Government Treasury Bill) is replaced by the average deposit interest rate of major banks, with maturity adjustments suitable for each type of warrant.
According to the above valuation, CVHM2512 and CSTB2538 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater fluctuations in response to underlying securities. Currently, CTCB2518 and CVNM2517 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 January 15, 2026
January 15, 2026: Warrant Market Liquidity Continues to Improve
At the close of trading on January 14, 2026, the market saw 62 stocks rise, 169 fall, and 38 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of VND 2.62 billion.
January 14, 2026: Warrant Market Shows Mixed Performance
At the close of trading on January 13, 2026, the market saw 123 stocks rise, 102 decline, and 20 remain unchanged. Foreign investors returned to net buying, with a total net purchase value of 1.01 billion VND.
January 13, 2026: Warrant Market Rallies Alongside Underlying Market
As the trading session closed on January 12, 2026, the market witnessed 173 stocks advancing, 57 declining, and 15 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 805.37 million worth of shares.
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.
January 8th Stock Market Update: VCB Hits Ceiling, VN-Index Adjusts
The stock market on January 8th witnessed profit-taking pressure in the Vingroup sector, while “king” stocks provided support. As a result, the VN-Index corrected following yesterday’s heated rally.
