I. MARKET TRENDS IN WARRANTS
By the end of the trading session on January 21, 2026, the market saw 87 gainers, 188 decliners, and 35 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 21, 2026 trading session, selling pressure dominated the market, causing most warrant prices to decline. Notably, the major warrants in the declining group were CVHM2511, CVPB2513, CMBB2511, and CMWG2511.
Source: VietstockFinance
The total trading volume on January 21 reached 77.09 million warrants, up 19.59%; trading value hit 155.63 billion VND, a 19.07% increase compared to January 20. Among these, CMBB2604 led the market in volume with 2.4 million warrants, while CSTB2521 topped trading value at 5.47 billion VND.
Foreign investors continued net selling on January 21, totaling 478.86 million VND. CFPT2525 and CHPG2535 were the most net-sold warrants.
Securities companies ACBS, VND, VPX, and SSI are currently the issuers with the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS 
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method appropriate for the starting date of January 22, 2026, the fair prices of the 10 largest-cap warrants with superior liquidity (both in value and matched volume) in the session are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model have been adjusted to suit the Vietnamese market. Specifically, the risk-free rate (Government Treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments tailored to each warrant type.
According to the above valuation, CVHM2512 and CSTB2528 are currently the most attractively priced warrants.
Warrants with higher effective gearing will experience greater volatility in response to underlying stock movements. Currently, CSTB2528 and CTCB2507 are the warrants with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 21/01/2026
