I. MARKET DYNAMICS OF WARRANTS
By the close of trading on January 23, 2026, the market saw 95 gainers, 188 decliners, and 40 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the trading session on January 23, 2025, sellers continued to dominate the market, driving most warrant prices higher. Notably, the top gainers among warrants were CVPB2513, CMBB2511, CMWG2511, and CVIC2517. 
Source: VietstockFinance
Total market volume on January 23 reached 69.05 million CW, up 45.35%; trading value hit 150.07 billion VND, a 29.64% increase compared to January 22. CMBB2604 led in volume with 3.07 million CW, while CSTB2514 topped in trading value at 9.2 billion VND.
Foreign investors returned to net buying on January 23, with a total net purchase of 91.42 million VND. CSTB2529 and CMWG2521 were the most net-bought warrants. For the week, foreign investors net sold over 5.94 billion VND.
Securities firms SSI, VND, VPX, and ACBS are currently the leading issuers with the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable as of January 26, 2026, the fair prices of warrants currently trading in the market 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, adjusted for the term of each warrant.
According to the valuation, CHDB2505 and CHDB2506 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility in response to underlying asset movements. Currently, CVNM2517 and CVNM2509 are the warrants with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 17:58 25/01/2026
