I. MARKET TRENDS IN WARRANTS
By the close of trading on November 19, 2025, the market recorded 82 gainers, 172 decliners, and 34 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the November 19, 2025 session, sellers regained control, driving most warrant prices downward. Notable decliners included CVPB2513, CVHM2514, CMWG2511, and CLPB2503.
Source: VietstockFinance
Total market volume on November 19 reached 44.3 million CW, up 17.35%; trading value hit 81.63 billion VND, a 15.64% increase from November 18. CSTB2528 led in both volume and value, with 2.95 million CW traded, totaling 3.84 billion VND.
Foreign investors continued net buying on November 19, totaling 267.81 million VND. CSHB2513 and CHPG2535 were the top net-bought warrants.
Securities firms SSI, ACBS, KIS, and HCM are the leading issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Using a valuation method effective from November 20, 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, adjusted for warrant maturities.
According to this valuation, CVJC2504 and CVJC2505 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CHPG2526 and CVNM2516 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 19/11/2025
November 19, 2025: Warrant Market Shows Signs of Investor Confidence Recovery
As the trading session closed on November 18, 2025, the market witnessed 156 stocks advancing, 84 declining, and 48 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 1.29 billion.
Stock Market Update November 18: Shifting Capital to Attractive Stocks Drives Investment Flow
In the November 17th session, numerous stocks demonstrated significant upward momentum. Investors are advised to focus on those tickers currently attracting substantial capital inflows.
November 18, 2025: Warrant Market Rallies Alongside Underlying Market
As the trading session closed on November 17, 2025, the market witnessed 203 stocks advancing, 67 declining, and 31 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.05 billion worth of shares.
Market Warrants Overview for the Week of November 17-21, 2025: A Mixed Performance
As the trading session closed on November 14, 2025, the market witnessed 121 stocks advancing, 139 declining, and 41 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of 7.08 billion VND.
“Unusual Signals” from the Sudden Profit Growth Surge in Q3 Earnings Season
The primary driver of the significant growth stems from financial income streams, such as asset sales, exchange rate gains, and reserve reversals, rather than core business operations.
