I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on September 29, 2025, the market recorded 84 gainers, 154 decliners, and 45 unchanged securities.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the September 29, 2025 trading session, sellers continued to dominate the market, driving down the prices of most warrant codes. Notably, the major warrant codes in the declining group were CSTB2515, CLPB2502, CMWG2511, and CMBB2511.
Source: VietstockFinance
The total market trading volume on September 29 reached 35.48 million CW, up 3.47%; trading value reached 69.72 billion VND, down 5.27% compared to the session on September 26. Among these, CFPT2512 led the market in volume with 2.18 million CW; CVPB2515 led in trading value with 2.78 billion VND.
Foreign investors continued to net sell in the September 29 session, with a total net sell of 3.08 million CW. CTPB2508 and CHPG2516 were the two most heavily net-sold codes.
Securities companies SSI, ACBS, HCM, KIS, and VPBankS 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 September 30, 2025, the reasonable prices of the warrants currently trading in the market 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 maturity adjustments appropriate for each type of warrant.
According to the above valuation, CVIC2507 and CVIC2508 are currently the two most attractively priced warrant codes.
Warrant codes with higher effective gearing will experience greater fluctuations in response to the underlying securities. Currently, CVNM2512 and CVRE2514 are the two warrant codes with the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 September 29, 2025
Market Outlook for Warrants in Week 29/09–03/10/2025: A Mixed Trading Landscape
At the close of trading on September 26, 2025, the market saw 75 stocks rise, 159 fall, and 37 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 1.76 million CW.
Warrant Market Update: September 26, 2025 – Market Liquidity Plunges Further
At the close of trading on September 25, 2025, the market saw 96 stocks rise, 110 decline, and 39 remain unchanged. Foreign investors resumed net selling, with a total net sell-off of 2.05 million CW.
Warrant Market on September 25, 2025: Gaining Momentum with the Underlying Market
At the close of trading on September 24, 2025, the market saw 177 stocks rise, 36 fall, and 34 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 703,300 CW.
TFC Announces Record-Breaking Cash Dividend Payout
Trang Joint Stock Company (HNX: TFC) has announced a record-breaking cash dividend payout for 2024, marking the highest in the company’s history. Shareholders will receive a 20% cash dividend, equivalent to 2,000 VND per share. The ex-dividend date is set for September 30th.
September 24, 2025 Warrant Market: A Less Pessimistic Outlook
At the close of trading on September 23, 2025, the market saw 128 stocks rise, 78 decline, and 41 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 3.02 million CW.
