I. MARKET TRENDS IN WARRANTS
By the end of the trading session on December 4, 2025, the market saw 165 gainers, 80 decliners, and 29 unchanged stocks.
Market Breadth Over the Last 20 Sessions. Unit: Percentage
Source: VietstockFinance
During the December 4, 2025 session, buyers continued to dominate, driving most warrant prices higher. Notable gainers included CVIC2509, CVPB2513, CVPB2515, CMBB2511, and CMWG2511.
Source: VietstockFinance
Total market volume on December 4 reached 66.11 million CW, up 18.96%; trading value hit 138.45 billion VND, a 19.42% increase from December 3. CMSN2521 led in volume with 5.61 million CW, while CMBB2511 topped trading value at 11.38 billion VND.
Foreign investors remained net buyers on December 4, with a total net purchase of 586.54 million VND. CMWG2521 and CVNM2519 were the most net-bought warrants.
Securities firms SSI, ACBS, VND, and HCM are currently the top issuers of warrants in the market.
Source: VietstockFinance
II. MARKET STATISTICS
Source: VietstockFinance
III. WARRANT VALUATION
Based on the valuation method applicable from December 5, 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, CVJC2506 and CVJC2505 are currently the most attractively priced warrants.
Warrants with higher effective gearing exhibit greater volatility relative to their underlying assets. Currently, CHPG2515 and CTCB2509 have the highest effective gearing ratios in the market.
Economic Analysis & Market Strategy Division, Vietstock Consulting Department
– 18:58 December 4, 2025
Market Warrant Update: December 4, 2025 – Gaining Momentum Alongside the Underlying Market
As the trading session closed on December 3, 2025, the market witnessed a positive trend with 203 stocks advancing, 38 declining, and 33 remaining unchanged. Foreign investors returned to net buying, recording a total net purchase of VND 602.94 million.
Short-Term Outlook Deteriorates in the Warrant Market on December 3, 2025
As the trading session closed on December 2nd, 2025, the market witnessed a mixed performance with 96 stocks advancing, 147 declining, and 31 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 2.48 billion worth of shares.
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Tracking the Shark Money Flow on December 1st: Foreign and Proprietary Trading Divergence as VN-Index Surges
On a day when the VN-Index surged past the 1,700-point milestone, proprietary trading desks at securities firms engaged in net buying, while foreign investors focused their net selling on market-leading stocks.
December 2, 2025: Warrant Market Continues to Show Divergence
As the trading session closed on December 1, 2025, the market witnessed 136 stocks advancing, 116 declining, and 36 remaining unchanged. Foreign investors continued their net selling streak, offloading a total of VND 1.73 billion worth of shares.
