I. MARKET TRENDS IN WARRANTS
By the close of trading on January 22, 2026, the market recorded 110 advancing codes, 165 declining codes, and 48 unchanged codes.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 22, 2026 session, sellers continued to dominate the market, driving most warrant codes into negative territory. Notably, the major warrant codes in the declining group were CVHM2511, CMBB2511, CVPB2516, and CVIC2514.
Source: VietstockFinance
Total market volume on January 22 reached 47.5 million CW, down 38.38%; trading value hit 115.75 billion VND, a 25.62% decrease compared to the January 21 session. Among these, CMWG2521 led the market in volume with 2.49 million CW, while CSTB2514 topped trading value at 15.08 billion VND.
Foreign investors continued net selling in the January 22 session, totaling 3.08 billion VND. CMWG2521 and CFPT2525 were the two most heavily net-sold codes.
Securities companies ACBS, VND, VPX, 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 valuation method applicable from the starting date of January 23, 2026, the fair prices of the 10 largest-cap warrants with superior liquidity (both in value and order-matched 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 treasury bill rate (Government Treasury Bill) is replaced by the average deposit rate of major banks, with maturity adjustments suitable for each warrant type.
According to the above valuation, CVHM2512 and CSTB2528 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will exhibit greater volatility in response to underlying stock movements. Currently, CMBB2518 and CSTB2528 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 22/01/2026
Warrant Market Update for January 21, 2026: Continued Divergence
As the trading session closed on January 20, 2026, the market witnessed 99 stocks advancing, 177 declining, and 34 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 1.26 billion worth of shares.
Expert Insight: Stocks May Face Correction Before Targeting 1,900 Peak—Investors Urged to Stay Cautious
Amidst the VN-Index hovering near its historic peak and a market characterized by pronounced differentiation, investors should prioritize a cautious yet adaptable short-term strategy.
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.
