I. MARKET DYNAMICS OF WARRANTS
By the close of the trading session on October 7, 2025, the market recorded 88 gainers, 150 decliners, and 44 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the October 7, 2025 trading session, sellers regained control, driving most warrant prices downward. Notably, the leading decliners included CVPB2513, CSTB2515, CTCB2507, and CMBB2511.
Source: VietstockFinance
Total market volume on October 7 reached 51.97 million CW, down 3.17%; trading value hit 135.07 billion VND, a 5.81% decrease from October 6. CMWG2407 led in volume with 4.58 million CW, while CSTB2514 topped in trading value at 9.4 billion VND.
Foreign investors resumed net selling on October 7, totaling 177,300 CW. CHPG2526 and CMSN2509 were the most heavily sold.
Securities firms SSI, ACBS, HCM, KIS, and VPBankS currently issue the most warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from October 8, 2025, the fair prices of actively traded warrants are as follows:
Source: VietstockFinance
Note: Opportunity costs in the valuation model are adjusted for the Vietnamese market. Specifically, the risk-free rate (government treasury bills) is replaced by the average deposit rate of major banks, with maturity adjustments for each warrant type.
According to the valuation, CVIC2507 and CVIC2508 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CVNM2512 and CMSN2507 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Advisory Department
– 18:58 07/10/2025
October 7, 2025: Warrant Market Rallies Alongside Underlying Market
At the close of trading on October 6, 2025, the market saw 230 stocks rise, 22 decline, and 30 remain unchanged. Foreign investors returned to net buying, with a total net purchase of 113,700 CW.
Market Outlook for Warrant Trading Week of October 6–10, 2025: Pessimism Continues to Rise
At the close of trading on October 3, 2025, the market saw 66 stocks rise, 176 fall, and 40 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 1.23 million CW.
October 3, 2025: Foreign Investors Continue Net Selling in Warrant Market
At the close of trading on October 2, 2025, the market saw 79 stocks rise, 163 fall, and 41 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 3.91 million CW.
Bank Warrant Group Shines in the Warrant Market on October 2, 2025
At the close of trading on October 1, 2025, the market saw 194 stocks rise, 50 decline, and 39 remain unchanged. Foreign investors continued their net selling streak, offloading a total of 5.13 million CW.
October 1, 2025: Warrant Market Trading Value Surges Over 112%
As the trading session closed on September 30, 2025, the market witnessed 120 stocks advancing, 124 declining, and 39 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 3.05 million CW.
