I. MARKET TRENDS IN WARRANTS
By the close of trading on January 26, 2026, the market saw 34 gainers, 263 losers, and 26 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the January 26, 2026 session, sellers dominated the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CSTB2515, CVHM2511, CVPB2513, and CMBB2511.
Source: VietstockFinance
Total market volume on January 26 reached 59.09 million CW, down 14.41%; trading value hit 110.61 billion VND, a 26.29% decrease compared to the January 23 session. Among these, CFPT2517 led the market in volume with 2.51 million CW, while CSTB2521 topped in trading value at 5.43 billion VND.
Foreign investors resumed net selling in the January 26 session, with a total net sell value of 3.53 billion VND. The two most heavily net-sold codes were CSTB2529 and CFPT2525.
Securities companies SSI, ACBS, VND, and HCM 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 appropriate as of the starting date of January 27, 2026, the reasonable 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: The opportunity cost in the valuation model has been adjusted to suit the Vietnamese market. Specifically, the risk-free treasury bill rate (Government Treasury Bill) is replaced by the average deposit rate of major banks, with term adjustments appropriate for each type of warrant.
According to the above valuation, there are currently no warrant codes with truly attractive valuations.
Warrant codes with higher effective gearing will experience larger fluctuations in response to the underlying stock. Currently, CSTB2528 and CMWG2515 are the two warrant codes with the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 26/01/2026
January 20, 2026: A Mixed Bag for Warrant Market as Green and Red Intersect
At the close of trading on January 19, 2026, the market saw 108 stocks rise, 142 fall, and 37 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 1.21 billion VND.
Warrant Market Update: January 28, 2026 – A Day of Mixed Trends
At the close of trading on January 27, 2026, the market saw 93 stocks rise, 187 fall, and 43 remain unchanged. Foreign investors continued their net selling streak, offloading a total of VND 1.34 billion.
January 22, 2026 Warrant Market: Is the Short-Term Outlook Deteriorating?
As the trading session closed on January 21, 2026, the market witnessed a mixed performance with 87 stocks advancing, 188 declining, and 35 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 478.86 million worth of shares.
Market Outlook for Warrants: A Week of Mixed Signals (Jan 26-30, 2026)
At the close of trading on January 23, 2026, the market saw 95 stocks rise, 188 fall, and 40 remain unchanged. Foreign investors returned to net buying, with a total net purchase value of 91.42 million VND.
January 23, 2026: Warrant Market Continues to Show Divergence
As the trading session closed on January 22, 2026, the market witnessed 110 stocks advancing, 165 declining, and 48 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 3.08 billion worth of shares.
