I. MARKET DYNAMICS OF WARRANTS
By the close of trading on December 2, 2025, the market recorded 96 advancing issues, 147 declining issues, and 31 unchanged issues.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the December 2, 2025 session, sellers regained control, driving most warrant prices downward. Notably, the top gainers included CVHM2510, CVHM2511, CVHM2512, and CVRE2511.
Source: VietstockFinance
Total market volume on December 2 reached 46.47 million CW, down 4.6%; trading value hit 79.43 billion VND, up 6.05% from December 1. CSTB2528 led in volume with 4.14 million CW, while CSTB2514 topped trading value at 7.97 billion VND.
Foreign investors continued net selling on December 2, totaling 2.48 billion VND. CSHB2513 and CHPG2518 saw the highest net outflows.
Securities firms SSI, ACBS, VND, 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 December 3, 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 the valuation, CVIC2508 and CVJC2506 are the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CTCB2509 and CHPG2515 have the highest effective gearing in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 December 2, 2025
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