I. MARKET DYNAMICS OF WARRANTS
By the close of trading on January 20, 2026, the market recorded 99 gainers, 177 decliners, and 34 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 20, 2026 session, the market continued to show divergence, with sellers gaining the upper hand, leading to price declines in most warrant codes. Notably, the major warrant codes in the declining group were CMBB2511, CVHM2516, CHPG2518, and CTCB2507.
Source: VietstockFinance
Total market trading volume on January 20 reached 64.46 million CW, up 8.91%; trading value hit 130.69 billion VND, a 16.68% increase compared to January 19. Among these, CHPG2535 led the market in volume with 1.81 million CW, while CVNM2515 topped trading value at 8.17 billion VND.
Foreign investors continued net selling in the January 20 session, with a total net sell value of 1.26 billion VND. CVNM2515 and CHPG2527 were the two most heavily 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 21, 2026, the fair prices of the 10 largest-cap warrants with superior liquidity (both in value and order-matching volume) during the session 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 maturity adjustments suitable for each warrant type.
According to the above valuation, CTCB2507 and CMBB2511 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater volatility in response to underlying securities. Currently, CHPG2518 and CTCB2507 are the two warrant codes with the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 20/01/2026
January 16, 2026: Warrant Market Shows Mixed Performance
At the close of trading on January 15, 2026, the market saw 110 stocks rise, 130 decline, and 29 remain unchanged. Foreign investors continued their net selling streak, totaling 1.65 billion VND in net outflows.
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.
