2018MENA&FRONTIER EQUITY MARKETS
TRADING GUIDEEmerging Markets - Today & Tomorrow
2018
2018MENA&FRONTIER EQUITY MARKETS
TRADING GUIDEEmerging Markets - Today & Tomorrow
efghermes.com
MEET TEAMTH
E MOHAMED EBEID Chief Executive Officer, Investment Bank
Direct: +971 (0)4 306 9418 Email [email protected]
AHMED WALYManaging Director, Head of Brokerage
Direct +965 22265100 Email [email protected]
EFG Hermes Frontier
ALI KHALPEYCEO, Frontier Markets
Direct: +44 7818 444 210Email: [email protected]
EFG Hermes US Office
KARIM BAGHDADYCEO, EFG Hermes USA
Direct: 001 212 388 5607Email: [email protected]
Trading Guide 2018
This guide and info is compiled by
HANIA BADAWY Vice President, Business Analysis
Direct: +202 [email protected]
Should you have any questions in this guide, please direct it to the above contact
MENA Institutional Trading
JULIAN BRUCE RAMI ASHRAFManaging Director, Co-Head of Managing Director, Co-Head ofMENA Institutional Trading MENA Institutional Trading
Direct: +9714 306 9425 Email: [email protected]
Direct: +202 35356005 Email: [email protected]
MAGED MOBAYAD WALEED RAMADANDirector, Co-Head Director, Co-Head Regional Trading Desk Regional Trading Desk
Direct: +202 35356138 Direct: +202 35356351Email [email protected] [email protected]
Group email: [email protected]
AHMED YOUSSEF Director, Head of MENA Institutional Sales Trading
Direct: +9714 3634072Email: [email protected]
Group email: [email protected]
Frontier Institutional Trading
JAMES BUSCH SARAH MAJAManaging Director, Managing Director,Head of Frontier Trading Head of Frontier Sales Trading
Direct: +44 2075 182 901 Direct: +9714 306 9420Email: [email protected] Email: [email protected]
Institutional Sales
HATEM ADNAN MOHAMED ALY Director, Co-Head of MENA Sales Managing Director, Co-Head of
MENA Sales
Direct: +202 35356083 Direct: +202 35356052Email: [email protected] Email: [email protected]
SRUTI PATELManaging Director- Head of Frontier Sales
Direct: +44 2075 182 903Email: [email protected]
02 - 03
MEN
A
BAHRAIN
EGYPT
JORDAN
KUWAIT
LEBANON
MOROCCO
OMAN
QATAR
SAUDI ARABIA
UAE (ABU DHABI)
UAE (DUBAI)
UAE (NASDAQ DUBAI)
08
10
12
14
16
18
20
22
24
26
28
30
FIND COUNTRYTH
E
AFRI
CA
BOTSWANA
BRVM
GHANA
KENYA
MAURITIUS
NIGERIA
46
48
50
52
54
56
ASIA
BANGLADESH
PAKISTAN
SRI LANKA
VIETNAM (HANOI)
VIETNAM (HCMC)
34
36
38
40
42
TANZANIA
UGANDA
ZIMBABWE
58
60
62
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08 BAHRAIN
10 EGYPT
12 JORDAN
14 KUWAIT
COUNTRIES
MENAIN
Trading Guide 2018
16 LEBANON
18 MOROCCO
20 OMAN
22 QATAR
24 SAUDI ARABIA
26 UAE (ABU DHABI)
28 UAE (DUBAI)
30 UAE (NASDAQ DUBAi)
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BAHRAINMARKET INFORMATION
Bahrain Stock Exchange www.bahrainbourse.net
Trading HoursPre-opening session 09:15– 09:30Open 09:30Close 13:00
Time Zone GMT+3 Trading Days Sunday - Thursday
Trading Currency Bahraini Dinar (BHD) and US Dollar for certain stocks
Main IndexBahrain All Shares Index capitalization-weighted Reuters code .BAXBloomberg code BHSEASI
Exchange CodeReuters BHBloomberg BI
Trading ID/ Trading Requirements National Investor Number (NIN)
Settlement Cycle T+2 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $1.26mn2017 $2.18mn
Market Cap USD 20.37bn
MARKET DYNAMICS
+/-10% from previous close
No board lots. However, transactions worth less than BHD 1,500 do not affect he last traded price.
Price Range Tick sizeFrom To
0.005 1.000 0.0051.010 2.500 0.0102.520 4.500 0.0204.550 10.000 0.050
10.10 and above 0.100
USD Tick Size
Price Range Tick sizeFrom To
0.001 0.200 0.0010.202 0.500 0.0020.505 1.000 0.005
1.001 and above 0.010
BHD Tick Size
Crossing can be done in market spread during the regular trading hours.
Not available
Iceberg Orders
Only permitted in very specific cases such as transfer of shares in case of inheritance or be-tween spouses and relatives up to the second degree.
Last traded price
Board Lot
Official Closing
Price
Off- Market CrossesCrosses
Stock Limit
Up/Down
Trading Guide 2018
BAHRAIN MARKET REGULATIONSForeign Ownership RestrictionThe general rule is that foreign investors are not allowed to own more than 49% of any stock, however, there are some exceptions were foreigners may own up to 100%. Foreign investors are also restricted from trading on Bahrain Flour Mills and Delmon Poultry.
Disclosure Rules At the ownership of 5% or more of any listed company, a disclosure is required post trading and at 10% ownership or more, the disclosure must be an-nounced prior trading. Before reaching a 10% ownership of any listed bank, the Central Bank approval is required.
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsSame NIN crossing is not permitted
Timeline for New NIN Setup4 to 5 days to be setup a trading account with the local broker once the inves-tor contacts the local custodian to request so.
Client Account StructureForeign investors must have two accounts prior to trading; a registry account and a trading account with every local broker the client wishes to deal with.
Shares must be available in the trading account before sales are undertaken.
Transfer of shares between the registry and trading accounts may be undertak-en by the client himself, global custodian or any international/local broker if the client gives the permission and it takes 1 business day to be processed
Failing TradesSales : Trades stay in failing status till an action is taken by the broker, either by trade settlement or by trade cancellation in the market.
Purchases: Trades stay in failing status till an action is taken by the broker, either by trade settlement or by trade cancellation in the market
Failing Purchase orders are subjected to interest claim from T+3 onwards
MARKET FEES & TAXES
Market fees 5.50 bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
08 - 09
Bahrain
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EGYPT
1) If a stock’s VWAP moves 5% from previous close, it gets suspended for 15 mins then it will resume trading to the permitted ceiling/floor.
2) If a stock printed an open price at 5% or more, then the stock will be suspended for 15 mins then it will be allowed to move another 10% in the same direction.
3) If EGX100 reaches +/-5%, trading on all stocks gets suspended for 15 minutes. If EGX100 moves another 5% in the same direction on the same day, the bourse gets suspended for a period specified by the head of exchange
Market/Stock
Suspension
+/-20% incase the stock printed an open price in the pre-open session+/-10% incase the stock didn’t print an open price
Stocks are allowed to move 10% from the previous close, as long as the complex matching criteria is not set. If a stock matches the opening criteria, it will be allowed to move a further 10% from the opening price to bring the maximum ceiling/floor at 20% on the day.
EGP 0.01
MARKET INFORMATION
Egyptian Stock Exchange (EGX) www.egx.com.eg
Trading HoursPre-opening session 08:30 – 10:00 (random cut off time from 09:50 till 10:00)
Open 10:00Close 14:30
Time Zone GMT+2 Trading Days Sunday – Thursday
Trading Currency Egyptian Pound (EGP) and US Dollar for certain stocks
Main Indices
1) Egyptian Exchange EGX 30 Price Index (EGX30) includes the top 30 companies in terms of liquidity, activity and market cap. Its weighted by mkt cap and adjusted by the free float
Reuters code .EGX30Bloomberg code EGX302) Egyptian Exchange EGX 70 Price Index (EGX70) tracks the perfor-mance of the 70 most active companies after excluding the constituents of EGX30Reuters code .EGX70Bloomberg code EGX703) EGX100 Index tracks the performance of the 100 most active compa-nies. It includes the constituents of EGX30 & 70 combined.Reuters code .EGX100Bloomberg code EGX100
Exchange CodeReuters CA Bloomberg EY
Trading ID/ Trading Requirements Unified Code and custody account number
Settlement Cycle T+2 Current Index Status MSCI EM - FTSE EMGDR GDR listing is allowed, few stocks are already listed.
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $71.37mn2017 $64.05mn
Market Cap USD 46.72bn
Tick Size
Stock Limit
Up/Down
MARKET DYNAMICS
Trading Guide 2018
No board
Lots
There is a market for block trades with the following criteria
1) Trading hours: 9:00 – 9:302) Value of the trade should either be EGP 10mn per leg or at least 1% of the company3) Market’s approval must be obtained prior to trading4) Price of the cross is +/-10% from previous close.
Crossing can be done in market spread during the regular trading hours.
MARKET FEES & TAXES
Market fees5.075 bps(breakdown available)
Capital Gain Tax None
Withholding Tax None Dividend Tax 10%
Day’s VWAP
Not available
Off- Market CrossesCrosses
Board Lot
Official Closing
Price
Iceberg Orders
EGYPT MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of any stock; however, they are restricted from trading on Export Development Bank of Egypt (EXPA) Sinai Cement (SCEM) and Sharm Dreams (SDTI).
Disclosure Rules
At 5% ownership and its multiples (for non-board members), the disclosure should be submitted after execution. At 20% ownership or above, the share-holder is considered a major shareholder and is then requested to disclose pri-or to trading. In the case of reaching 33% ownership, shareholders are allowed to buy up to 2% annually or submit a mandatory tender offer (please refer to Chapter 12 of the Capital Market Law for details).Before reaching a 10% ownership of any listed bank, the Central Bank approval must be obtained.
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsSame NIN crossing is not permitted
Timeline for New NIN Setup:T+0
Client Account Structure: Shares must be blocked by the local broker via client’s custodi an to undertake any sale order. The investor must instruct their custodian to
Omnibus trading is available, client need to establish via client’s custodian
Failing Trades: Sales: Subject to a buy-in on T+5. Also incurring 50 BPs penalty fees per day from T + 1 until settles or bought in. Buy-is are mandatory and undertaken on the main market. Purchases: Subject to interest claim from T +3 onwards as funding obligation passes from client to broker. No deadline for closing the position.
10 - 11
Egypt
authorize their local broker to block shares on their behalf.
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JORDANMARKET DYNAMICS
There is a market for block trades with the following criteria1) Trading Hours: 12:30 – 12:452) Value of the trade should at least be JOD 200K per leg.3) Regulatory approval must be obtained prior to trading4) Crossing should take place either +/-5% from the day’s closing price incase the stock is listed in the second and +/-7.5% in case the stock is listed in the first market.5) off market crosses are not available for the stocks listed in the third market
First Market
+/-7.5%
Second Market
+/-5%
Third Market
+/-10%from previous close
JOD 0.01No board lots except on Arab Bank that trades in multiples of 18 shares.
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
Amman Stock Exchange (ASE) www.ase.com.jo
Trading Hours
First & Second MarketsPre-opening session 10:00 – 10:30Open 10:30Close 12:30
Third MarketPre-opening session 09:45 – 09:50Open 09:50 Close 10:15
The main difference between the three markets depends on the compa-ny’s net shareholder equity and earnings.(Please contact us for more details)
Time ZoneSummer GMT+3 Trading Days Sunday – ThursdayWinter GMT+2
Trading Currency Jordanian Dinar (JOD)
Main IndexAmman Stock Exchange General Index Reuters code .AMGNRLXBloomberg code JOSMGNFF
Exchange CodeReuters AMBloomberg JR
Trading ID/ Trading Requirements Securities Depositary Center Number(SDC number)
Settlement Cycle T+2 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $13.07mn2017 $11.91mn
Market Cap USD 23.96bn
Last traded price
Stock Limit
Up/Down
Tick Size
Board Lot
Crosses
Official Closing
Price
Off- Market Crosses
Available
Iceberg Orders
Trading Guide 2018
JORDAN MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of most of the stocks. However, they are restricted from trading in stocks spe-cialized in strategic activities and projects.
For details please visit: (http://sdcjordan.com/english/index.php?option=com_content&task=view&id=278 )
Disclosure Rules At 5% ownership of any listed company and at every additional 1% ownership, a disclosure is required post trading until reaching 10% ownership where a pub-lic disclosure and regulatory approval must be announced prior to trading. Before reaching a 10% ownership of any listed bank, the Central Bank approval is required.In case the investor is a board member, then a disclosure of any sort of activity is required even if it’s below 1%
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsSame NIN crossing through the same broker is not permitted
Timeline for New NIN SetupOne business day
Failing TradesSales : subject to a buy-in on T+2 if trade fails to settle by 3:00pm (local time) on T+1Purchases: Trades stay in failing status till an action is taken by the broker, either by trade settlement or by trade cancellation in the market
Failing Purchase orders are subjected to interest claim from T+3 onwards
Short selling Penalty: 10% of gross amount of the trade + markets fees + any price differences
MARKET FEES & TAXES
Market fees 14 bps(breakdown available)
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
12 - 13
Jordan
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Price Range Tick sizeFrom To
0.001 0.099 0.1 fil0.100 and above 1.0 fil
KUWAITMARKET DYNAMICS
There is no maximum ceiling or floor a stock can reach per day.When a stock moves +/-5%, it goes into auction for 2 minutes and a new reference price is set once its uncrosses. The same mechanism takes place on every 5% movement.
No board
Lots
Not permitted
MARKET INFORMATION
Kuwait Stock Exchange (KSE) www.kuwaitse.com
Trading Hours
Pre-opening session 08:50 – 09:00
Open 09:00Closing auction 12:30 - 12:40Close 12:40
Time Zone GMT+3 Trading Days Sunday – Thursday
Trading Currency Kuwait Dinar (KWD)
Market SegmentsThe market is split into three segments (Premier market, Main Market and Auction market) depending on the market cap and liquidity. It gets reviewed by the market annually. For more details, please contact us.
Market Cap
Market Cap weighted index representing the Premier Market: calculated using Price Returns. The base value of the index was 5000 and the base date was April 1st, 2018.Bloomberg code KWSEPM
Market Cap weighted index representing the Main Market: calculated using Price Return. The base value of the index was 5000 and the base date was April 1st, 2018
Bloomberg code KWSEMM
Market Cap weighted index representing the Premier and Main Markets: calcu-lated using Price Returns. The base value of the index was 5000 and the base date was April 1st, 2018.
Bloomberg code KWSEAS
Exchange CodeReuters KWBloomberg KK
Trading ID/ Trading Requirements KCC number
Settlement Cycle T+3
Current Index Status MSCI FM and FTSE EM inclusion in Sept 2018
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $38.43mn2017 $75.58mn
Market Cap USD 92.56bn
Stock Limit
Up/Down
KWDTick Size
Board Lot
Crosses
* In case the Premier Index or the Main Index drop 5%, it will get suspended for 15 mins.
* If any of the above indices drop 7%, it will get suspended for 30mins.
* If any of the above indices fell 10%, the whole market gets suspended for the rest of the day
Index and Market
Suspension
Trading Guide 2018
MARKET FEES & TAXES
Premier market: 3.00 bps
Main market: 4.50 bps
Auction market: 9.00 bps
Dividend Tax 15%(However, it was not collected since November 2015)
MARKET REGULATIONSForeign Ownership Restriction
Foreign investors are allowed to own 100% of all listed stocks except for the banking names where they can only own up to 49%
14 - 15
Kuwait
Securities Lending
Not permitted
Short selling
Not permitted
Timeline for New NIN Setup
T+0 on best effort basis
Failing Trades
Sales : subject to a buy-in if trade fails to settle by 12:00pm (local time) on T+2
Sale Penalty: Buy in mechanism to take place on a different platform post market hours with a minimum of 20% price difference from the last traded price
Purchases: subject to a sell-out if trade fails to settle by 12:00pm (local time) on T+2
Purchase rejection penalty: price difference + full commission on original trade and trade rever-sal (min 10BPS)
Buy-in takes place on a seperate screen
10 minute auction. price discovery for eight minutes from 12:30-12:38. Matching takes place randomly in the last two minutes of the auction (from 12:38-12:40)
ClosingAuction
Available pending the approval of the exchange
Matched price in the closing auction or the last traded price prior to the closing auction in case no matching occurred in the auction.
Off- Market Crosses
Official Closing
Price
Not available
Iceberg Orders
Disclosure Rules
At the ownership of 5% or more of any listed company, a disclosure is required and before reach-ing 2% ownership of any listed bank, the Central Bank approval is required.
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+/-15%
for Solidere A & B
+/-10%
for all other stocks
Price Range Tick sizeFrom To
Below 49.99 0.0150.00 99.99 0.05100 499.99 0.10500 and above 0.50
LEBANONMARKET DYNAMICS
No Board Lots
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
Beirut Stock Exchange (BSE) www.bse.com.lb
Trading HoursPre-opening session 09:00 – 09:30Open 09:30Close 12:30
Time ZoneSummer GMT+3 Trading Days Monday – FridayWinter GMT+2
Trading Currency US Dollar (USD)
Main Index
Blom Stock Index (BSI) is a market cap weighted index that in-cludes all the listed companies on exchange.
Reuters code .BLSIBloomberg code BLOM
Exchange CodeReuters BYBloomberg LB
Trading ID/ Trading Requirements Shareholder ID
Settlement Cycle T+3
Current Index Status MSCI FM no FTSE classification
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $3.99mn2017 $2.80mn
Market Cap USD 11.47bn
Stock Limit
Up/Down
USDTick Size
Board Lot
Crosses
There is a market for block trades with the following criteria:
1) Value of the trade should at least be USD 250,000 in Solidere A/B, USD 100,000 for the banks and USD 50,000 for all the other stocks.2) Regulatory approval must be obtained one day before trading3) Double commission is charged.4) Trading hours from 9:00 - 9:29
VWAP of the
last five trades before close.
Off- Market Crosses
Official Closing
Price
Available
Iceberg Orders
Trading Guide 2018
MARKET FEES & TAXES
Market fees 36% of what the local broker charges goes to the market.
Withholding Tax None
Capital Gain Tax None
Dividend Tax 5%
MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of any stock.
Disclosure Rules At 5% ownership of any listed company and at every additional 1% ownership, a disclosure is required and before reaching 5% ownership of any bank, the Central Bank approval is required.
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsSame NIN crossing is not permitted
Timeline for New NIN Setupnone. There are two different shareholder IDs for trading; one for trading Solidere A/B and another one for trading all other stocks listed.
Failing TradesSales : subject to a buy-in on T+4 if trade fails to settle by 12:30pm (local time) on T+3Purchases: subject to a sell-out on T+4 if trade fails to settle by 12:30pm (local time) on T+3
Buy-in/Sell-out takes place on the normal market screens
16 - 17
Lebanon
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+/-10%
from previous close
If a stock moves 3% from the last price, it gets suspended for 5 minutes before stock reopens with a ceiling/floor of 10% on the day.
Price Range Tick sizeFrom To
<100 0.01100 500 0.05500 1,000 0.101,000 and above 1
MOROCCOMARKET DYNAMICS
No board
lots
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
Casablanca Stock Exchange (CSE) www.casablanca-bousre.com
Trading Hours
Pre-opening session 09:00 – 09:30Open 09:30Closing auction 15:20 – 15:40Close 15:40
Time ZoneSummer GMT+1 Trading Days Monday – FridayWinter GMT
Trading Currency Moroccan Dirham (MAD)
Main IndexMASI Free Float All Shares index
Reuters code .MASIBloomberg code MOSENEW
Exchange CodeReuters CSBloomberg MC
Trading ID/ Trading Requirements no ID required for trading. The full legal name and the custody account number are required.
Settlement Cycle T+3 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $25.70mn2017 $29.41mn
Market Cap USD 66.54bn
Stock Limit
Up/Down
MADTick Size
Board Lot
Crosses
1) Trading hours: from 09:30 - 15:40
2) Authorities calculate the minimum value of the trade based on the liquidity and volume of the name in the mar-ket, revisions are made periodically
3) The price range is 10% from the last traded price prior to the closing auction
Off- Market Crosses
Matched price in the closing auction or the last traded price prior to the auction in case no matching occurred in the auction.
Official Closing
Price
10 minutes auction from 3:20 till 3:30, and trading at last session for the following 10 minutes. The first 10 minutes is price discovery session where the matching occurs at the max volume.The second 10 minutes are for trading at the matched price (the official closing price).
ClosingAuction
Available
Iceberg Orders
Trading Guide 2018
MARKET FEES & TAXES
Market fees 10 bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax 15%
Value Added Tax 10% on both buy and sell trades
MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of any stock, excluding banks where Moroccan Central Bank has to approve any strategic foreign participation.
Disclosure Rules A public disclosure is required at the ownership of 5%, 10%, 20%, 33.33%, 50% and 66.66% of any listed company. In case the company in question is a bank then the Central Bank approval is required at 10% ownership.
Securities Lendingpermitted
Short sellingNot permitted
Crossing Restrictionsnone
Failing TradesThe Local Custodian’s deadline to receive Instructions and settle the trades on time is (T+3) 11:00am local time. Deadline for the funding is (T+2) 11:00am local time
Sales : Subject to a Buy-In if trade fails to settle till T+7
Purchases: Subject to a sell-out if trade fails to settle till T+4
Market Penalties will be applied starting T+4. Failing Purchase orders are subjected to interest claim from T+3 onwards
18 - 19
Morocco
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Price Range Tick sizeFrom To
0.001 0.300 0.0010.302 0.600 0.0020.604 1.00 0.0041.00 and above 0.005
+/-10%
from previous close
OMANMARKET DYNAMICS
No board lots
Crossing can be done in market spread during the regular trading
MARKET INFORMATION
Muscat Securities Market (MSM) www.msm.gov.om
Trading HoursPre-opening session 09:00 – 10:00Open 10:00Close 13:00
Time Zone GMT+4 Trading Days Sunday – Thursday
Trading Currency Omani Rial (OMR)
Main Index
Muscat Securities MSM30 Index includes the top 30 companies in terms of liquidity, profitability and market cap and its weighted by mkt cap
Reuters code .MSIBloomberg code MSM30
Exchange CodeReuters OMBloomberg OM
Trading ID/ Trading Requirements Depositary number/Folio number or NIN
Settlement Cycle T+3 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $9.91mn2017 $9.22mn
Market Cap USD 21.12bn
Stock Limit
Up/Down
Board Lot
Crosses
There is a market for block trades with the following criteria:
1) Value of the trade should at least be OMR 300,000 each leg.
2) Crossing can take place within +/-15% from previous close.
3) Trading hours from 10:00 - 13:00
Off- Market Crosses
OMRTick Size
Day’s VWAP
Official Closing
Price
Available
Iceberg Orders
Trading Guide 2018
MARKET FEES & TAXES
Market fees 10 bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax 10% on cash dividends applied to foreign accounts
MARKET REGULATIONSForeign Ownership RestrictionThe general rule is that foreigners may own up to 70% of non-banking stocks and 49% of the listed banks; however, this rule varies as per the articles of each company and bank.
Also it’s worth noting that in some cases, GCC investors are considered foreign-ers and in some cases they are not.
Disclosure Rules At 10% ownership and more, a public disclosure is required post trading and incase the company in question is a bank, then the Central Bank’s approval is required before reaching 10% ownership and at every share bought after-wards.
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsNone
Timeline for New ID SetupNone
Failing TradesSales: subject to a buy-in if trade fails to settle by 11:00am (local time) on T+3
Purchases: subject to a sell-out if trade fails to settle by 11:00am (local time) on T+3
Buy-in/Sell-out takes place on the normal market screens
Short Sale Penalty: 1% of Gross Amount on T (min of OMR 50 & Max of OMR 2,000)Delay Entry penalty: NO. of contracts*NO. of days *OMR 5.
20 - 21
Oman
efghermes.com
No board
lots
+/-10%
from previous close
QATARMARKET DYNAMICS
Stock Limit
Up/Down
Board Lot
Crossing can be done in market spread during the regular trading hours.
Crosses
QAR 0.01
Tick Size
Matched price in the closing auction or the last traded price prior to the auction in case no matching occurred in the auction.
Official Closing
Price
MARKET INFORMATION
Qatar Exchange www.qe.com.qa
Trading Hours
Pre-opening session 09:00 – 09:30Open 09:30Closing auction 13:00 – 13:15Close 13:15
Time Zone GMT+3 Trading Days Sunday – Thursday
Trading Currency Qatari Rial (QAR)
Main Index
Qatar Exchange Index (QE Index) includes the top 20 companies in terms of liquidity and market cap and its weighted by mkt cap
Reuters code .QSIBloomberg code DSM
Exchange CodeReuters QABloomberg QD
Trading ID/ Trading Requirements National Investor Number (NIN)
Settlement Cycle T+3 Current Index Status MSCI EM - FTSE EM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $75.87mn2017 $73.67mn
Market Cap USD 128bnThere is a market for block trades with the following criteria
1) Value of the trade should at least QAR 10 million each leg.
2) Market authorities approval is required
3) Same trading hours as the regular market
Off- Market Crosses
Trading Guide 2018
15 minute auction from 13:00 till 13:15. The first 10mins is a price discovery session
(where the first 5 mins: any changes are possible, second 5 mins: additions only possible).
orders can be placed at limit or at market; where market orders have priority over limit orders.
The last 5 minutes is for trading at the matching price (Trading at Last).
ClosingAuction
MARKET REGULATIONSForeign Ownership RestrictionAs per an Emiri decree issued in May 2014, all companies are permitted to raise their foreign ownership limit from 25% to 49%. We have seen several migrations to the new higher limit in order to be better represented within MSCI and FTSE indices but some companies still retain the 25% FOL ceiling. However, there are some exceptions below;
* ORDS, SIIS and QFBQ are 100% open for foreigners
Current FOL is disclosed on the official website.
Disclosure Rules BanksLimit is 5% - can be raised to 10% upon bank approvalInvestor should disclose Immediately to QCSD once reached 5% and halt any more buyingIn case already exceeded the 5% limit, must rectify the situation before March 2019Upon QCB approval, investor can reach 10% ownershipCompanies Limit is as per the articles of Association of each company, however investor must dis-close once 5% ownership is reachedIn case already exceeded the articles of Association limits, investor must rectify the situa-tion before March 2019
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsNone
Timeline for New NIN Setupone business day.
Client Account Structure*Foreign investors must have two accounts prior to trading; a registry account and a trading account
*Shares must be available in the trading account before sales are undertaken.
*Transfer of shares between the registry and trading accounts may be under-taken by the client himself, global custodian or any international/local broker if
Failing tradesSales Trades are subjected to Buy In on T+6. However by market practice; trades stay in failing status till an action is taken by the broker, either by trade settlement or by trade cancellation in the market.
Purchases Trades are subjected to Sell Out on T+6. However by market prac-tice; trades stay in failing status till an action is taken by the broker, either by trade settlement or by trade cancellation in the market.
The QCSD levy charges of QAR100 per trade on trades that have failed to settle on T+3
Failing Purchase orders are subjected to interest claim from T+4 onwards
Available
Iceberg Orders
MARKET FEES & TAXES
Market fees 5.50bps Capital Gain Tax None
Withholding Tax None Dividend Tax None
22 - 23
Qatar
efghermes.com
Price Range Tick sizeFrom To
Below SAR 10 0.0110 24.98 0.0225 49.95 0.0550 99.90 0.10Above SAR 100 0.20
+/- 10%
from previous close
SAUDI ARABIAMARKET DYNAMICS
None
Crossing in regular market is not permit-ted. However, if the trade is worth SAR 1mn per leg then it can be crossed off-market.
MARKET INFORMATION
Tadawul Stock Market www.tadawul.com.sa
Trading Hours
Pre-opening session 09:30 – 10:00Open 10:00Close 15:00
15:00 – 15:10:30 Post-trading session 15:10 - 15:30 to allow orders to be canceled or
expiry dates to be changed
Time Zone GMT+3 Trading Days Sunday – Thursday
Trading Currency Saudi Arabian Rial (SAR)
Main IndexTadawul All Shares IndexReuters code .TASIBloomberg code SASEIDX
Exchange CodeReuters SEBloomberg AB
Trading ID/ Trading Requirements National Investor number (NIN)
Settlement Cycle T+2
Current Index Status On the watchlist to be added to MSCI EM and FTSE EM in 2019. Reviews will take place in 2018
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $1.39bn2017 $891.86mn
Market Cap USD 450.55bn
Stock Limit
Up/Down
Board Lot
Crosses
There is a market for block trades with the follow-ing criteria:
1) The Value of trade should at least be SAR 1mn each leg.
2) Market approval is required prior to trading.
3) Several forms must be submitted to the stock ex-change in order to get the necessary approval.
4) Price limit is the same as the regular market.
Off- Market Crosses
Tick Size
Auction price
Official Closing
Price
Minimum 50k shares
Iceberg Orders
Closing auction
Trading Guide 2018
MARKET FEES & TAXES
Market fees 1.8bps + 5% VAT
CMA fees 3.2bps no VAT
Capital Gain Tax None
Withholding Tax None
Dividend Tax 5% on non-Saudi, non-resident investors
MARKET REGULATIONSForeign Ownership RestrictionForeigners can only trade if they are registered in the market as Qualified Foreign Investors (QFI) or they can participate through swap agreements with authorized counterparties like EFG-Hermes.Every QFI nin can hold a maximum of 10% of the outstanding shares of a company with the exception for the companies that are totally restricted for foreigners
Disclosure Rules At 5% ownership or more, a public disclosure is required on the execution day. In case the investor is a board member or from the senior management then a disclo-sure of any sort of activity is required even if it’s below 1%.
Securities Lendingpermitted (conditional)
Short sellingpermitted (conditional)
Failing TradesSales : subject to a buy-in if trade fails to settle by end of T+4. If mandatory buy-in was not successful, Cash compensation will take place. Buy-In Penalties applied by market.
Purchases: subject to a sell-out if trade fails to settle by 11:00am (local time) on T+2. Obligation is transferred to local broker account for sell-out
Buy-in takes place on a special screen/Sell-out takes place on the normal market screens
24 - 25
Saudi Arabia
efghermes.com
+15%
from previous close
-10%from previous closewhen a stock reach-es -5%, the stock goes to auction for 5 mins and if it reaches -9%, it goes to auc-tion for 10 minutes.
UNITED ARAB EMIRATES – ABU DHABI
Price Range Tick sizeFrom To
Below AED 1.00 0.0011.00 10.00 0.0110.05 100 0.05Above 100.10 0.10
MARKET DYNAMICS
No board lots
Crossing can be done in market spread during the regular trading hours. Trades above AED 10mn per nin cannot be executed before getting the market’s approval on the ticket size.
MARKET INFORMATION
Abu Dhabi Securities Exchange (ADX) www.adx.ae
Trading Hours
Pre-opening session 09:30 – 10:00Open 10:00Closing auction 13:50-14:00Close 14:00
Time Zone GMT+4 Trading Days Sunday – Thursday
Trading Currency UAE Dirham (AED)
Main Index
Abu Dhabi Securities Market General Index includes all stocks listed in the market and weighted by free float market cap. Reuters code .ADIBloomberg code ADSMI
Exchange CodeReuters ADBloomberg UH
Trading ID/ Trading Requirements National Investor Number (NIN)
Settlement Cycle T+2
Current Index Status MSCI EM - FTSE EM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $ 55mn2017 $ 53mn
Market Cap USD 132.93bn
Stock Limit
Up/Down
Board Lot
Crosses
Available with strict requirements pending the exchange’s approval.
Off- Market Crosses
Tick Size
Matched price in the closing auction or the last traded price prior to the auction in case no match-ing occurred in the auction.
Official Closing
Price
Available
Iceberg Orders
10 minutes price discovery auction from 13:50 till 14:00. Matching takes place last second before close at the max volume with some exceptions might occur
ClosingAuction
Trading Guide 2018
MARKET FEES & TAXES
Market fees 15bps(breakdown is available)
VAT Applicable on both market fees and broker commissions. Currently levy 5%
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
MARKET REGULATIONSForeign Ownership RestrictionFederally, foreigners may own up to 49% of any listed stock. However, this may vary according to the articles of each company. Also it’s worth noting that in some cases, GCC investors are considered foreigners and in some cases they are not.
Disclosure Rules At 5% ownership of any listed company and at every additional 1% ownership, a disclosure is required and before reaching 30% ownership the market regula-tor approval is required.In case the company in question is a bank then the Central bank approval is required before reaching 5%.
Securities Lending/ Short sellingTechnical Short Selling has been introduced but it is effectively for the purposes of retail day-trading and not accessible unless an investor maintains custody at a domestic broker
Crossing RestrictionsSame nin crossing is available pending the exchange’s approval.
Timeline for New NIN Setup10 minutes
Client Account Structure* A dual account structure is standard in ADX. At the custodian each NIN will have a Registry Account and a Trading Account.
* Clients have the option of maintaining their inventory either in their Registry Accounts or their trading Accounts.
* Pre-validation must take place prior to the execution of sales – i.e. availability in the trading account must be confirmed pre-trade.
* If shares are not available in the trading account they must be transferred. Clients can either instruct their global custodians to undertake the transfer or a more expeditious option is to authorize a local/International broker to do so on their behalf (stock transfer should take no longer than 45 minutes).
Failing TradesSales : subject to a buy-in if trade fails to settle by 1pm (local time) on T +4
Purchases: subject to a sell-out if trade fails to settle by 1pm (local time) on T +4
Late settlement fees 75bps with minimum AED 1k and max AED 20k on T+3 & additional 75bps with minimum AED 2k and max AED 30k on T+4
Sell-outs take place on the normal market screens
Buy-ins take place on a separate platform which is open from 2:45pm - 3:00pm.
Bids will be placed and any sellers may offer blind at any price.
Settlement of any sale in the buy-in market takes place on a T+1 basis
26 - 27
United Arab Emirates - Abu Dhabi
efghermes.com
+15%
from previous close
-10%from previous close
UNITED ARAB EMIRATES – DUBAI
Price Range Tick sizeFrom To
Below AED 1.00 0.0011.00 10.00 0.01Above 10.00 0.05
MARKET DYNAMICS
No board
lots
Crossing can be done in market spread during the regular trading hours. Trades above AED 20mn per nin cannot be executed before getting the market’s approval.
MARKET INFORMATION
Dubai Financial Market www.dfm.ae
Trading Hours
Pre-opening session 09:30 – 10:00(during the last 5 mins in the pre-open, tickets can not be cancelled)
Open 10:00Closing auction 13:45 -14:00Close 14:00
Time Zone GMT+4 Trading Days Sunday – Thursday
Trading Currency UAE Dirham (AED)
Main Index
Dubai Financial Market General Index is an all share index and weighted by free float market capReuters code .DFMGIBloomberg code DFMGI
Exchange CodeReuters DUBloomberg UH
Trading ID/ Trading Requirements National Investor Number (NIN)
Settlement Cycle T+2
Current Index Status MSCI EM - FTSE EM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $ 146mn2017 $ 126mn
Market Cap USD 107.3bn
Stock Limit
Up/Down
Board Lot
Crosses
Available and they include:
1) Block Deal2) Direct Deal3) Special Deal
Details upon request
Off- Market Crosses
AEDTick Size
Matched price in the closing auction or the last traded price prior to the auction in case no match-ing occurred in the auction.
Official Closing
Price
It is 10 minutesprice discovery + 5 min-utes trading at Last
ClosingAuction
Not available
Iceberg Orders
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionFederally, foreigners may own up to 49% of any listed stock. However, this may vary according to the articles of each company. Also it’s worth noting that in some cases, GCC investors are considered foreigners and in some cases they are not.
Disclosure Rules At 5% ownership of any listed company and at every additional 1% ownership, a disclosure is required and before reaching 30% ownership the market regula-tor approval is required.In case the company in question is a bank then the Central bank approval is required before reaching 5%.
Securities Lending/ Short sellingRegulated Short Selling introduced 10th Jan 2018. Standard concepts with lo-cal nuances. Co-ordinated by a nominated domestic broker, bi-lateral agree-ments apply, no centralized pool. Further detail available upon request.
Crossing RestrictionsSame nin crossing is available upon the exchange’s approval but usually for a limited period only (1 week).
Timeline for New NIN Setup10 minutes
Client Account Structure* A dual account structure is standard in DFM. At the custodian each NIN will have a Registry Account and a Trading Account
* Clients have the option of maintaining their inventory either in their Registry Accounts or their trading Accounts
* Pre-validation must take place prior to the execution of sales – i.e. availability in the trading account must be confirmed pre-trade
* If shares are not available in the trading account they must be transferred. Clients can either instruct their global custodians to undertake the transfer or a more expeditious option is to authorize a local/International broker to do so on their behalf (stock transfer should take no longer than 45 minutes
Failing TradesSales: subject to a buy-in if trade fails to settle by 1pm (local time) on T+4
Purchases: subject to a sell-out if trade fails to settle by 1pm (local time) on T+4
Late settlement fees AED 500 or 5bps whichever is higher on T+3 & additional AED 2,500 or 25bps whichever is higher on T+4
Sell-outs take place on the normal market screens
Buy-ins take place on a separate platform which is open from 2.30pm-2.45pm. Bids will be placed and any sellers may offer blind at any price.
Settlement of any sale in the buy-in market takes place on a T+1 basis.
MARKET FEES & TAXES
Market fees 15bps(breakdown is available)
VAT Applicable on both market fees and broker commissions. Currently levy 5%
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
28 - 29
United Arab Emirates - Dubai
efghermes.com
UNITED ARAB EMIRATES – NASDAQ DUBAI
Price Range TicksizeFrom To
Below USD 2.00 USD 0.001
USD 2.00 - 9.995 USD 0.005
Above 10.00 USD 0.010
Trading limits differ between individual listed stocks according to their price range
Price RangeTrading
Safeguard
Up &
downFrom To
Below USD 0.10 50%
USD 0.10 - 0.249 20%
USD 0.250 - 0.499 15%
USD 0.50 and above 10%
MARKET DYNAMICS
No board
lots
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
Nasdaq Dubai www.nasdaqdubai.ae
Trading Hours
Pre-opening session 09:30 – 10:00Open 10:00Closing auction 13:45 -14:00Close 14:00
Time Zone GMT+4 Trading Days Sunday – Thursday
Trading Currency US Dollar
Main Index No Index for Nasdaq names only.
Exchange CodeReuters DUBloomberg DU
Trading ID/ Trading RequirementsSame National Investor Number (NIN) used for trading DFM or the investor’s Clearstream or Euroclear
Derivative Mechanism
Single Stock Futures are available on liquid DFM/ADX/NASDAQ Dubai listings.
Custody needs to be maintained at domestic broker level in order to engage.
Index futures on the cusp of introduction at the time of going to print. Initially con-tract will be offered on DFMGI & ADSMI indices with a view to introducing contracts on MSCI UAE index subsequently.
Rather than requesting domestic broker custody NASDAQ Dubai will act as its own clearing agent to facilitate DVP clients.
Settlement Cycle T+2. Sunday is considered a settlement holiday.
Current Index Status MSCI EM - FTSE EM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $ 4.99mn2017 $ 6.00mn
Market Cap USD 24.37bn
Stock Limit
Up/Down
Board Lot
Crosses
There is a market for block trades with the following criteria
*Value of the trade should at least USD 750,000 each leg
*Market authority ap-proval is required prior to trading
*Same trading hours as the regular market
Off- Market Crosses
Tick Size
Matched price in the closing auction or the last traded price prior to the auction in case no match-ing occurred in the auction.
Official Closing
Price
It is 10 minute prices discovery + 5 min-utes trading at Last
ClosingAuction
Not available
Iceberg Orders
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeign investors may own up to 100% of any stock except for DEPA and REIT where foreigners may only own 49%.
Non GCC investors can own up to 49% of REIT.
Disclosure Rules Disclosure must be made upon acquiring or ceasing to hold ownership carrying more than 5% of the voting rights of a listed company and upon an increase or decrease of at least 1% of the level of interest previously reported. In case the investor is a board member or senior management, then a disclosure is required for any transaction in the listed company’s shares.
Securities Lendingpermitted
Short sellingPermitted, but there must be pre-validation for sell orders. Short selling is only allowed for market makers
Crossing RestrictionsSame nin crossing is available.
Timeline for New NIN Setuptakes 10 minutes to setup.
Client Account StructureA dual account structure is standard in DFM. At the custodian each NIN will have a Registry Account and a Trading Account
Clients have the option of maintaining their inventory either in their Registry Accounts or their trading Accounts
Pre-validation must take place prior to the execution of sales – i.e. availability in the trading account must be confirmed pre-trade
If shares are not available in the trading account they must be transferred. Clients can either instruct their global custodians to undertake the transfer or a more expeditious option is to authorize a local/International broker to do so on their behalf (stock transfer should take no longer than 45 minutes).
Failing TradesSales: • incase the trade got executed on a DFM nin number, then it will be subject to a buy-in if it fails to settle by 1pm (local time) on T+4.• incase the trade was on executed on Euroclear or Clearstream nin number and missing clients instructions, the trade will be irrevocable rejected and can-celled on T+2Purchases: subject to a sell-out if trade fails to settle by 1pm (local time) on T +4
Late settlement fees waived on T+3, USD 700 OR 25BPS whichever is higher on T+4
Sell-outs take place on the normal market screens
Buy-ins take place on a separate platform which is open from 2.30pm-2.45pm. Bids will be placed and any sellers may offer blind at any price.
Settlement of any sale in the buy-in market takes place on a T+1 basis.
MARKET FEES & TAXES
Market fees 10.00bps(breakdown is available)
VAT Applicable on both market fees and broker commissions. Currently levy 5%
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
30 - 31
United Arab Emirates - Nasdaq Dubai
efghermes.com
34 BANGLADESH
36 PAKISTAN
38 SRI LANKA
40 VIETNAM (HANOI)
42 VIETNAM (HCMC)
COUNTRIES
ASIAIN
Trading Guide 2018
34 BANGLADESH
36 PAKISTAN
38 SRI LANKA
40 VIETNAM (HANOI)
42 VIETNAM (HCMC)
efghermes.com
BANGLADESHMARKET DYNAMICS
Trading limits differ between individual listed stocks according to their price range
Price RangeTrading Safeguard Nominal Limit in Tk.
From TK. To Tk.
Up to Tk. 200 10% up and down 17.5201 500 8.75% up and down 37.5501 1,000 7.5% up and down 112.51,001 2,000 6.25% up and down 1002,001 5,000 5% up and down 187.5
5.001 and above 3.75% up and down 300
Stock Limit
Up/Down
BDT 0.10
Tick Size
No Board
Lots
Board Lot
There is a market for block trades with the following criteria:
1) Trading hours10:30-14:302) Value of the trade should be Tk. 500k or more.3) Prices are limited to day circuit breaker
Off- Market Crosses
Crossing can be done in market spread during the regular trading hours.
Crosses
MARKET INFORMATION
Dhaka Stock Exchange (DSE) www.dsebd.org/
Open 10:30Close 14:30
Time Zone GMT+6 Trading Days Sunday - Thursday
Trading Currency Bangladeshi Taka (BDT)
Main Index
The DSE broad index (DSEX) reflects around 97% of the total market capitalization
Reuters code DSEXBloomberg code DSEX
Exchange CodeReuters BDBloomberg BD
Trading ID/ Trad-ing Requirement
The investor’s security account number or the beneficiary owner (BO) ID as well as the name of the local custodian that the account is set up at.
Settlement CycleFor the buy trades T+2 except for the Z category sharesFor the sell trades T+1 for all sharesBuys on the Z category shares settles on T+9
Z category shares represent the stocks that do not give any dividends or hold AGMs
Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $62.59mn2017 $186.71mn
Market Cap USD 51.80bn
V WA P of the last 30 mins or VWAP of the last 20 trades
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeign investors are allowed to own 100% of all listed stocks except for the banking stocks and NBFIs where they can only own up to 49%
Disclosure Rules Investors must get the approval of Bank of Bangladesh prior to the ownership of 5% of any listed financial stock.
Regarding non-financial stocks, investors must report and take prior approval of holdings of 10% or more of an issuer’s shares to BSEC, stock exchange and issuer.
Securities LendingNot permitted
Short sellingNot permitted
Crossing Restrictionsnone
Timeline for New NIN Setupnone
MARKET FEES & TAXES
Market fees 7.5 bps (breakdown available)
Withholding Tax None
Capital Gain Tax 15%, but certain countries are exempt based on tax advisor’s confirmation
Dividend Tax
20% dividend tax is applied for non-resident companies and its 30% incase its non-resident.
Dividend treatment may be altered where international tax trea-ties are in existence.
34 - 35
Bangladesh
efghermes.com
Stock Price Lot size/
SharesFrom To
Below PKR 100 500100 500 100500 1,000 50Above PKR 1,000 20
(Odd Lot Board available)
Price variation is restricted either to
+/-5%or
PKR 1whichever is higher.
PAKISTANMARKET DYNAMICS
Crossing can be done by the same broker for both the buyer and seller during the regular trading hours.
Crosses will be executed according to regular order matching principles prescribed for all KATS Orders.
MARKET INFORMATION
Pakistan Stock Exchange Limited (PSX) www.psx.com.pk
Trading Hours
FromMondaytillThursday
Pre-open session 09:15 - 09:30Open 09:30Close 15:30Post close market
Open 16:00Close 16:15
OnFriday
AM Session PM SessionPre-open session 09:00 - 09:15 14:15 - 14:30Continuous Trading 9:15 - 12:00 14:30 - 16:30Post close market
Open 17:00Close 17:15
Time Zone GMT+5 Trading Days Monday – Friday
Trading Currency Pakistani Rupee (PKR)
Main Index
1) KSE All Share IndexReuters code KSIBloomberg code KSE2) KSE100 indexReuters code KSEBloomberg code KSE100
Exchange CodeReuters .PKBloomberg PA
Trading ID/ Trading Requirements Local custody details and Unique Identification Number (UIN)
Settlement Cycle T+2 Current Index Status MSCI EM - FTSE EM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $111.22mn2017 $115.27mn
Market Cap USD 77.64bn
Stock Limit
Up/Down
Board Lot
Crosses
Negotiated Deals board is available with the following criteria:1) Open time as the regular market but closes at 17:002) It must be between two separate brokerage houses otherwise the trade will be treated as a normal cross Trade. 3) There is no price protection on negotiated deals.4) There is no minimum volume requirement. 5) It can be an odd lot.
Off-Market crosses
PKR 0.01
Tick Size
VWAP of the last 30
mins
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo FOL apply. Foreigners can own up to 100% of all listed stocks except for banks and insurance companies where a 5% ownership limit is applied.
Disclosure Rules At 10% ownership of any non-banking/insurance company, a public disclosure is required. Incase the company in question is a bank or an insurance compa-ny then the disclosure will be required at 5% ownership.
Securities Lendingpermitted
Short sellingpermitted with strict requirements.
Crossing RestrictionsNone
Timeline for New NIN SetupNormally 24 hours but can take up to 72 hours.
MARKET FEES & TAXES
Market fees 13% Sindh Sales Tax (SST)of the brokerage commission
Additionally there is 0.01% Capital Value Tax (CVT) on buy trades
Other charges
CDC ChargesHandling Charges PKR 0.05/share
Sub-A/c Opening chargesPKR 350/year
Transfer of physical sharesPKR 7.50 (for 500 shares or less)
Shares Transfer chargesPKR 75 (for 500 shares or less)
NCCPL ChargesAnnual UIN Maintenance
PKR 2,500/annum for Foreign Corporate UIN
Withholding Tax None
Capital Gain Tax
It varies from 11% to 20% based on the duration of holding the securities and the date of purchase and incase you were a tax filer or not. Please contact us for more details.
Dividend Tax 15% for tax filer 20% for non- tax filer
*Tax filer is an investor whose name appears in the active taxpayers list issued by the Federal Board of Revenue. Foreigner investors can also apply for tax enrollment through their tax consultants.The tax rates for filers are normally less than non-filers to encourage investors to report their income/returns to the local authorities.
36 - 37
Pakistan
efghermes.com
LKR 0.10+/-25%
from previous close
SRI LANKAMARKET DYNAMICS
No Board
Lot
Crossing can be done in the market spread during regular market hours.
MARKET INFORMATION
Colombo Stock Exchange (CSE) www.cse.lk
Trading HoursPre-opening session 09:00 - 09:30Open 09:30Close 14:30
Time Zone GMT +5.30 Trading Days Monday – Friday
Trading Currency Sri Lankan Rupees (LKR)
Main Index
S&P Sri Lanka 20 Index (S&P SL20): it’s based on market capitalization, that follows the performance of the top 20 listed companies on the Colombo Stock Exchange.
Reuters code .SPLK20LPBloomberg code SPLK20LP
Sri Lanka Colombo Stock Exchange All Share Index
Reuters code .CSEBloomberg code CSEALL
Exchange CodeReuters LKBloomberg SL
Trading ID/ Trading Requirements CDS account details
Settlement Cycle T+3
Current Index Status MSCI FM; FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $5.0mn2017 $6.0mn
Market Cap USD 19bn
Stock Limit
Up/Down
Board Lot
Crosses
There is a special board of block trades with the following criteria:
1) Value of the trade should be greater than LKR 20mn.2) The cross price can not be below 5% of the closing price.3) Cross trades once entered cannot be amended but can be cancelled by the broker.4) Unmatched crosses expire in 15 mins.
Off- Market Crosses
Tick Size
VWAP of the
last hour
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeigners can own 100% of all listed stocks but they are not allowed to own more than 40% of plantation and mining stocks and 10% of listed banks.
Disclosure Rules At the ownership of 10% or more of a listed stock, a public disclosure is required in the following day
Securities Lendingnot permitted
Short sellingnot permitted
Crossing RestrictionsNone
Timeline for New NIN Setup1 business day
MARKET FEES & TAXES
Market feesFor transactions up to LKR 100mn: 48.00 bps
For transactions over LKR 100mn: 41.25 bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax Currently 10% but its expected to increase to 14% in the current year (2018)
38 - 39
Sri Lanka
efghermes.com
VIETNAM - HANOIMARKET DYNAMICSMARKET INFORMATION
HANOI Stock Exchange (HNX) www.hnx.vn/en/web/guest/home
Trading Hours
Pre-opening session 09:00 – 11:30Lunch Break 11:30 – 13:00Continuous Trading 13:00 – 14:30Closing auction 14:30 – 14:45
Time Zone GMT+7 Trading Days Monday – Friday
Trading Currency Vietnamese Dong (VND)
Main IndexVietnam Hanoi Stock Exchange Equity Index
Reuters code .HNXI Bloomberg code VHINDEX
Exchange CodeReuters .VNBloomberg VH
Trading ID/ TradingRequirements
1) Stock Trading Code (STC)
2) Pre-check availability of funds /securities
3) Local custody details
4) Local broker authorization to act on behalf of the investor
Settlement Cycle T+2 after the market closes
Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $18.6mn2017 $28.15mn
Market Cap USD 10.43bn
+/-10%
from previous close
+/-30%
on the first day of trading
Crosses of 5,000 shares minimum are allowed to go through during regular trading hour with a price limit of +/-10%.
Stock Limit
Up/Down
Crosses
VND 100
Tick Size
Available with specif-ic requirement. De-tails upon request.
Off- Market Crosses
10 shares(Odd Lot Board available)
Board Lot
Auction price or last traded price no matching took place in the auction
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeigners are permitted to own up to 49% of all listed non-banking stocks and 30% of the banking stocks
Disclosure Rules At the ownership of 5% or more of the voting shares of a listed company, including the amounts held by affiliated persons, a disclosure is required within seven calendar days of the date of the transaction. The same procedure ap-plies if an investor is reducing his 5% stake in a listed company. Investors are solely responsible for all disclosures.
Securities Lendingnot permitted
Short selling
not permitted
Crossing Restrictionsnone
Timeline for New NIN Setup5 weeks
MARKET FEES & TAXES
Market feeson the buys 3bps
on the sells 10.00 bps + 3bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
40 - 41
Vietnam- HANOI
efghermes.com
VIETNAM - HCMCMARKET DYNAMICSMARKET INFORMATION
HANOI Stock Exchange (HNX) www.hnx.vn/en/web/guest/home
Trading Hours
Opening auction 09:00 – 09:15Continuous Trading 09:15 – 11:30Lunch Break 11:30 – 13:00Continuous Trading 13:00 – 14:30Closing auction 14:30 – 14:45
Time Zone GMT+7 Trading Days Monday – Friday
Trading Currency Vietnamese Dong (VND)
Main IndexVietnam Ho Chi Minh Stock Index
Reuters code .VNI Bloomberg code VNIINDEX
Exchange CodeReuters .VNBloomberg VH
Trading ID/ TradingRequirements
1) Stock Trading Code (STC)
2) Pre-check availability of funds /securities
3) Local custody details
4) Local broker authorization to act on behalf of the investor
Settlement Cycle T+2 after the market closes
Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $105.94mn2017 $186.02mn
Market Cap USD 132.8bn
+/-7%
from previous close
+/-20%
on the first day of trading
Crosses of 20,000 shares minimum are allowed to go through during regular trading hour with a price limit of +/-7%.
Stock Limit
Up/Down
Crosses
Price Range Tick size
≤ 10,000 VND 10
From 10,000 to <49,950 VND 50
≥ 50,000 VND 100
Tick Size
Available with specific
requirement. Details upon
request.
Off- Market Crosses
10 shares(Odd Lot Board available)
Board Lot
Auction price or last trade incase no
matching took place in the auction
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership Restriction
Foreigners are permitted to own up to 49% of all listed non banking stocks and 30% of the banking stocks
Disclosure Rules
At the ownership of 5% or more of the voting shares of a listed company, including the amounts held by affiliated persons, a disclosure is required within seven calendar days of the date of the transaction. The same procedure ap-plies if an investor is reducing his 5% stake in a listed company. Investors are solely responsible for all disclosures.
Securities Lending
not permitted
Short selling
not permitted
Crossing Restrictions
none
Timeline for New NIN Setup
5 weeks
MARKET FEES & TAXES
Market feeson the buys 3bps
on the sells 10.00 bps + 3bps
Withholding Tax None
Capital Gain Tax None
Dividend Tax None
42 - 43
Vietnam- HCMC
efghermes.com
COUNTRIES AFRICAIN
46 BOTSWANA
48 BRVN
50 GHANA
Trading Guide 2018
52 KENYA
54 MAURITIUS
56 NIGERIA
58 TANZANIA
60 UGANDA
62 ZIMBABWE
efghermes.com
BOTSWANAMARKET DYNAMICS
There are two types of off-market crosses1) Off-market crosses with additional 2%transaction fees (must be approved by the CSDB & BSE)
2) Block trades with the following critiera:a. where Normal charges are applied.
b. where Volume is reflected on the market.
c. Only the local NBFIRA (Non-Bank Financial Institutions Regulatory Authority) regulated fund managers can do such crosses.
+/-10%
from previous close BWP 0.01 No board Lots
Crosses can go through in the regular market in the market spread during regular market hours.
MARKET INFORMATION
The Botswana Stock Exchange www.bse.co.bw
Trading Hours
Pre-opening session 10:00 – 10:25Open 10:301st Regular trading session 10:25 – 11:55Interim auction 11:55 – 12:052nd Regular trading session 12:05 - 13:20Closing auction 13:20 – 14:00Close 14:30
Time Zone GMT+2 Trading Days Monday - Friday
Trading Currency Botswana Pula (BWP)
Main IndexIndex name Domestic Companies IndexReuters code .DCIBTBloomberg code BGSMDC
Exchange CodeReuters BW Bloomberg BG
Trading ID CSD account number
Settlement Cycle T+3
Current Index Status MSCI StandaloneFTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $0.95mn2017 $1.01mn
Market Cap USD 4.5bn
V WA P rounded down
Stock Limit
Up/Down
Tick Size
Board Lot
Crosses
Official Closing
Price
Off- Market Crosses
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeign investors may own up to 100% of any stock but are restricted from trad-ing Botswana Telecommunications Corporation Limited (BTCL)
Disclosure Rules At the ownership of 5% or more, a public disclosure is required.
Securities LendingNot permitted
Short sellingNot permitted
Crossing Restrictionsnone
Timeline for New NIN Setupnone
MARKET FEES & TAXES
Market fees BWP 15 per each buy trade BWP 10 per each sell trade.
BSE fees 15 bps for transactions worth up to BWP 5mn 12 bps for transactions worth more than BWP 5mn
Withholding Tax None
CSD Fee 0.12%
VAT 12%
Capital Gain Tax None
Dividend Tax 7.5%
46 - 47
Botswana
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BRVMMARKET DYNAMICS
Not permitted
+/-7.5%
from previous close XOF 5.00No
board lots
Permitted
Pre-closing auction 2.00pm - 2.30pm
Trading at last 2.30pm - 3.00pm
MARKET INFORMATION
Regional stock market encompassing: Benin, Burkina Faso, Cote D’Ivoire, Guinea Bissau, Mali, Niger, Senegal, and Togo.
www.brvm.org
Trading Hours
Pre-opening session 09:00 – 09:45Open 09:45 Pre-closing session 14:00 -15:00Close 15:00
Time Zone GMT Trading Days Monday - Friday
Trading Currency CFA Franc BCEAO (XOF)
Main IndexBRVM COMPOSITE and BRVM 10Bloomberg code: ICXCOMP (BRVM COMPOSITE) and ICX 10 (BRVM 10)
Exchange Code Bloomberg BW
Trading ID Local account details
Settlement Cycle T+3
Current Index Status MSCI FM - FTSE FM
Market Cap USD 11.94bn
Matched price in the closing auction or the last traded price prior to the auction in case no matching occurred in the auction.
Stock Limit
Up/Down
Tick Size
Board Lot
Crosses
Official Closing
Price
Off- Market Crosses
ClosingAuction
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of any stock.
Securities LendingNot permitted
Short sellingNot permitted
Crossing Restrictionsnone
MARKET FEES & TAXES
Market fees 30 bps (breakdown available)
Withholding Tax 0.10%on the brokerage fees
Capital Gain Tax None
Dividend Tax 10%
48 - 49
BRVM
efghermes.com
GHANAMARKET DYNAMICSMARKET INFORMATION
Ghana Stock Exchange (GSE) www.gse.com.gh
Trading HoursPre-opening session 09:30 – 10:00Open 10:00 Close 15:00
Time Zone GMT Trading Days Monday – Friday
Trading Currency Ghana Cedi (GHS)
Main IndexGhana Stock Exchange Composite IndexReuters code .GSECIBloomberg code GGSECI
Exchange CodeReuters GHBloomberg GN
Trading ID/ Trading Requirements CSD account number
Settlement Cycle T+3 Current Index Status MSCI StandaloneFTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $0.219nm2017 $0.463nm
Market Cap USD 12.95bn
+/-15%
from previous close
Crossing can be done in market spread during the regular trading hours
Stock Limit
Up/Down
Crosses
100 shares except for SCB and TLW, the lot size is 10 shares (Odd lot board available.)
Board Lot
V WA P rounded down
Official Closing
Price
None
GHS 0.01
Tick Size
Off- Market Crosses
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo FOL apply. Foreign investors may own up to 100% of all listed stocks.
Disclosure Rules At 10% ownership, a public disclosure is required.
Securities LendingNot permitted
Short sellingNot permitted
Crossing RestrictionsNone
Timeline for New NIN Setup5 business days
MARKET FEES & TAXES
Market fees 70 bps(breakdown available)
Withholding Tax 20%
Capital Gain Tax None
Dividend Tax 8%
50 - 51
Ghana
efghermes.com
KENYAMARKET DYNAMICS
+/-10%
but no ceiling cap on material announce-
ments.
Allowed in the market spread
Stock Limit
Up/Down
Crosses
100 shares(Odd lot board available.)
V WA P rounded down
Board Lot
Official Closing
Price
MARKET INFORMATION
Nairobi Securities Exchange www.nse.co.ke
Trading HoursPre-opening session 09:00 – 09:30 Open 09:30 Close 15:00
Time Zone GMT+3 Trading Days Monday – Friday
Trading Currency Kenyan Shilling (KES)
Main IndexNairobi Securities Exchange Ltd 20 IndexReuters code .NSE20Bloomberg code KNSMIDX
Exchange CodeReuters NR Bloomberg KN
Trading ID/ Trading Requirements CDS account number
Settlement Cycle T+3 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $5.66mn2017 $6.71mn
Market Cap USD 24.44bn
Not permitted
Off- Market Crosses
Price Range Tick sizeFrom To
Less than 19.95 5 cts20 49.95 25 cts50 99.95 50 cts100 and above 100
KESTick Size
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo foreign ownership restrictions apply. Foreign investors may own up to 100% of any listed stock except for stocks where the government has a strategic interest in. In such cases, the CMA approval is needed.
Disclosure Rules A disclosure is required at the ownership of 25% or more of all non-banking stocks and at 5% ownership of any listed bank.
Securities LendingNot permitted
Short sellingNot permitted
Timeline for New NIN SetupNone
MARKET FEES & TAXES
Market fees 70 bps(breakdown available)
Capital Gain Tax None
Withholding Tax
5% for local residents
15% for East African community
20% for foreign investors
Dividend Tax None
52 - 53
Kenya
efghermes.com
+/-20%
from previous close
Price Range Tick size
<5.00 0.01
≥5.00<10.00 0.02
≥10.00<50.00 0.05
≥50.00<500.00 0.25
≥500.00<1000.00 1
≥1000.00 5
MAURITIUSMARKET DYNAMICS
100 shares. (odd lot board available)
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
The Stock Exchange of Mauritius (SEM) www.stockexchangeofmauritius.com
Trading HoursPre-opening session 09:00 – 10:00Open 10:00Close 13:30
Time Zone GMT+4 Trading Days Monday – Friday
Trading CurrencyThe Stock Exchange of Mauritius is a multi-currency trading platform where it permits the listing, trading and settlement in Mauritian Rupee (MUR), EUR, ZAR, GBP and USD.
Main Index
1) SEM-All Share Index (SEM-ASI) includes all listed companies that are denominated in MUR, USD, GBP, EURO, ZAR and other foreign currencies which meet the SEM’s free-float requirementsReuters code .MASIBloomberg code SEMASI2) SEMDEX includes all listed rupee-denominated companies which meet the SEM’s free-float requirements.
Reuters code .MDEXBloomberg code SEMDEX
Exchange CodeReuters MZBloomberg MP
Trading ID/ Trading Requirements CDS account number
Settlement Cycle T+3 Current Index Status MSCI FM - FTSE FM
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 USD 1.5mn2017 USD 2.3mn
Market Cap USD 7.89bn
Stock Limit
Up/Down
Tick Size
Board Lot
Crosses
Off-market crosses can take place with the following criteria:
All crosses must be conducted through ATS (Automated Trading System.
Off-market transfers are allowed subject to the approval of the respective issuers, in the following exceptional cases;Successions - Donations - Re-organisation / restructuring of corporations.
Off- Market Crosses
There is a special crossing board for block trades if the value of the trade is either more than 2% of the issued number of securities or greater than MUR 10mn
SpecialCrossing
Board
Last traded
price
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeign investors may own 100% of all listed stocks with some exceptions such as:
1) Sugar companies: Foreign ownership is restricted to 15% and the market’s approval is required for exceeding this level.
2) Banks: No single shareholder is permitted to own more than 10% of a listed bank
3) SBM Holdings: No single shareholder is permitted to own more than 3% of the voting rights
4) Rogers & Co Ltd: No single shareholder is permitted to own more than 10% of its issued share capital without the prior authorization of the Board
Disclosure Rules 1) At 10% ownership of any sugar company by a foreign investor, a notification must be made to the Financial Securities Commission and all the investment dealers.
2) At 10% ownership of any listed bank a disclosure must be made and this level can not be exceeded before the approval of Bank of Mauritius is granted.
Please note that an Investment Dealer has to report all transactions made by foreign investors to the SEM on a monthly basis.
Securities Lendingpermitted provided that the counterparty finds a willing lender for securities.
Short sellingNot permitted
Crossing RestrictionsMultiple allocations are not permitted for crosses on the crossing board only.
MARKET FEES & TAXES
Market fees
For trades < MUR 3mn = 0.75%
For trades from MUR 3mn < MUR 6mn = 0.7%
For trades from MUR 6mn < MUR 10mn = 0.6%
For trades more than MUR 10mn = 0.5%
Capital Gain Tax None
Withholding Tax None
Dividend Tax None
Depending where the investor is tax resident, the investor may be subject to its own tax levies in its jurisdiction from income, capital gains sourced from Mauritius
54 - 55
Mauritius
efghermes.com
+10.25%
(5% at open, 5% in trading)
-9.75%
(-5% at open, -5% in trading)
NIGERIAMARKET DYNAMICS
No board lots
Crossing can be done in market spread during the regular trading hours.
MARKET INFORMATION
The Nigerian Stock Exchange (NSE) www.nse.com.ng
Trading Hours
Pre-open session 9:30 - 10:05Pre-open sessionMarket maker only 9:30 - 10:05 (price discovery)
Continuous trading 10:15 - 14:29Pre-close sessionMarket maker only 14:29 - 14:30
Market maker sessions allow ONLY market makers to trade (fill outstanding orders/ reduce imbalances in the market and determine opening and closing prices)
Time Zone GMT+1 Trading Days Monday – Friday
Trading Currency Nigerian Naira (NGN)
Main IndexNigerian Stock Exchange Main-Board IndexReuters code NGSEINDEX:LAGBloomberg code NGSEINDX
Exchange CodeReuters LGBloomberg NL
Trading ID/ Trading Requirements Local custody details
Settlement Cycle T+3
Current Index Status MSCI FM(on watchlist for demotion to standalone)
FTSE FM(on watchlist for demotion to standalone)
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $7.6mn2017 $13.4mn
Market Cap USD 44.52bn
Stock Limit
Up/Down
Board Lot
Crosses
Available with the following criteria:
1) The approval of the exchange is required.
2) There is no price restriction on the cross.
3) Trade should be worth 5% of the listed company
Off- Market Crosses
For shares worth less than < NGN 100: it will be price of the last print of more than 50k traded
For shares worth less than > NGN 100: it will be price of the last print of more than 10k traded. However, the stock must be trading above that level for 3 months.
Official Closing
Price
Stock Price Range Tick Size
NGN 100.00 and above
0.10
≥ NGN 5.00 and < NGN 100
0.05
< NGN 5 0.01
Tick Size
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionForeigners can own 100% of all non-bank stocks but they cannot exceed a 10% ownership of any bank before getting the central bank approval.
Disclosure Rules At 5% ownership or more of any listed company, a disclosure is required before or within 24 hours after the trade. The disclosure must be done by both the local broker and the listed company been bought.
Securities Lendingapproved by both the Exchange and the CDS but not yet applicable.
Short sellingshort selling is only permitted if its part of the securities lending framework.
Crossing Restrictionscrosses either over 800m NGN or 80m shares need to be approved by the Exchange
Timeline for New NIN Setupwithin 24 hours after CSD receives the instructions from the Exchange.
MARKET FEES & TAXES
Market fees
On the buys 37.5 bps (breakdown available)
on the sells 67.5 bps (breakdown available)
Capital Gain Tax None
Withholding Tax 10%
Dividend Tax None
56 - 57
Nigeria
efghermes.com
TANZANIAMARKET DYNAMICSMARKET INFORMATION
Dar es Salaam Stock Exchange www.dse.co.tz/
Trading Hours
Pre-opening session 10:00 – 10:30Open 10:30Continuous trading 10:30 – 15:00Close 15:00
Time Zone GMT+3 Trading Days Monday – Friday
Trading Currency Tanzanian Shilling (TZS)
Main Index
Tanzania All Share Index Real Time. The All Share Index (DSEI) is a mar-ket cap weighted index with a base reference of 1000. It includes all stocks listed on the Dar es Salaam Stock Exchange
Bloomberg code DARSDSEI Exchange Code Bloomberg TZ
Trading ID CDS account number and the account legal name
Settlement Cycle T+3
Market Cap USD 10.25bn
+/-15%
from previous close and no ceiling cap
on material announcements
Permitted if the approval of
exchange is granted
Stock Limit
Up/Down
Crosses
Price RangeTicksize
Less than 499 5.00
500 - 999 10.00
1,000 - 4999 20.00
5,000 - 9999 50.00
10,000 and above
100.00
There is a special board for block trades with the following criteria
1- The value of the trade should be Tzs 1bn or or more
2- The cross must be done on a All or None basis
Off- Market Crosses
TZSTick Size
10 shares.(Odd Lot Board available.)
Board Lot
VWAP only if a certain
amount of shares per stock got traded
within a day.
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo FOL apply. Foreigners can own up to 100% of any listed stock
Disclosure Rules The exchange’s approval is required before reaching 5% or more of any listed
Securities LendingNot permitted
Short selling
Not permitted
Crossing RestrictionsCrossing is not allowed unless it meets the criteria of block trading above
Timeline for New ID Setupnone
MARKET FEES & TAXES
Market fees 30 bps(breakdown is available)
Capital Gain Tax None
Withholding Tax 5%
Dividend Tax None
58 - 59
Tanzania
efghermes.com
UGANDAMARKET DYNAMICSMARKET INFORMATION
Uganda Securities Exchange (USE) www.use.or.ug/
Trading Hours
Pre-opening session 9:00 – 9:30
Open 9:30
Close 13:00
Time Zone GMT+3 Trading Days Monday – Friday
Trading Currency Ugandan Shilling (UGX)
Main IndexReuters code ALSIUG
Bloomberg code UGSINDX
Exchange CodeReuter .UG
Bloomberg UGX
Trading ID/ Trading Requirements CDS account number
Settlement Cycle T+3
Current Index Status
No MSCI classification
No FTSE classification
+/-15%
from previous close and no ceiling cap
on material announcements
Crossing can be done in the market’s spread during regu-lar trading hours
Stock Limit
Up/Down
Crosses
Price Range TicksizeFrom To
Below or equal to UGX 19.9 0.10
From UGX20 - 49.90 0.25
From UGX50 - 99.9 0.50
Above or equal ro UGX 100 1.00
Tick Size
Not permitted
Off- Market Crosses
100 shares. (Odd Lot Board available.)
Board Lot
VWAP price
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership RestrictionNo FOLs apply. Foreigners can own up to 100% of any listed stock
Disclosure Rules The exchange’s approval is required before reaching 5% or more of any listed
Securities LendingNot permitted
Short selling
Not permitted
Crossing RestrictionsN/A
Timeline for New NIN Setup3 business days
MARKET FEES & TAXES
Market fees 40 bps(breakdown is available)
Capital Gain Tax None
Withholding Tax 15%
Dividend Tax None
60 - 61
Uganda
efghermes.com
ZIMBABWEMARKET DYNAMICSMARKET INFORMATION
Zimbabwe Stock Exchange www.zse.co.zw/
Trading HoursPre-Open 09:00 – 10:00Open 10:00Close 12:30
Time Zone GMT+2 Trading Days Monday – Friday
Trading Currency US Dollar (USD)
Main IndexIndustrial Index
Reuters code .INDZI Bloomberg code ZHINDUSD
Exchange CodeReuters .ZWBloomberg ZH
Trading ID/ Trading Requirements Local custody details
Settlement Cycle T+3
Current Index Status MSCI StandaloneNo FTSE classification
Average Daily Value Traded
YEAR AVG VALUE TRADED2016 $ 0.91mn2017 $ 2.84mn
Market Cap USD 9.66bn
+/-20%
but stock priced below USD 0.01 can
fluctuate
+/-100%
Crossing can be done in market spread during the regular trading hours.
Stock Limit
Up/Down
Crosses
Price Range TicksizeFrom To
Up to to 0.0500 0.0001
0.0500<0.1000 0.0002
0.1000<0.5000 0.0005
0.5000<5.0000 0.0025
5.0000<10.0000 0.01
10.0000<999,999 0.05
None
Off- Market Crosses
Tick Size
None
Board Lot
VWAP
Official Closing
Price
Trading Guide 2018
MARKET REGULATIONSForeign Ownership Restriction
Foreigners can own up to 49% of any listed stock.
Disclosure Rules
At the ownership of 35% of any listed company, a public disclosure is required. In case this level got breached then the shareholder will be required to submit an offer for the minorities or reduce his stake.
Securities Lending
Not permitted
Short selling
Not permitted
Crossing Restrictions
none
Timeline for New ID Setup
2 business days
MARKET FEES & TAXES
Market fees 0.385%(breakdown available)
Capital Gain Tax 1%
Stamp duty 0.25%
VAT 15% from the brokerage commission
Withholding Tax 15%
Dividend Tax 10%
62 - 63
Zimbabwe
efghermes.com
IMPORTANT DECLAIMER
IMPORTANT DISCLAIMER
The information contained in this document is proprietary and confidential to EFG Hermes Holding SAE and / or its affiliates (collectively or individually, as may be relevant, “EFG Hermes”). The information contained in this document is for general information purposes only.
Nothing contained in this document constitutes an impartial or any assessment of any subject matter. The recipient should obtain independent professional ad-vice before placing any reliance on any content of this document. Each page comprising part of this document must be read in conjunction with this and any other disclaimer that forms part of this document.
Reasonable endeavors have been made to confirm the accuracy of informa-tion at the time that this document was prepared but no efforts to update its content have been made prior to releasing it to the recipient. The recipient should independently verify the accuracy of the information and must not place
Trading Guide 2018
any reliance on any information contained in the document without first seeking appropriate independent professional advice.
The contents of this document are based on information obtained from sources believed to be reliable but EFG Hermes has not independently verified any of the information. EFG Hermes makes no representation and accepts no respon-sibility or liability as to the completeness or accuracy of any information con-tained in this document. EFG Hermes and the sender accept no liability for any error, omission or inaccuracy contained in the document.
The contents of this document have been prepared without any substantive analysis being undertaken and may have or may be changed at any time with-out notice. EFG Hermes and the sender are under no obligation to update the recipient or any third party regarding any change or correction of the informa-tion contained in the document.
The sender of this document is a member of the brokerage trading department
and not of the research department of EFG Hermes or any of its affiliates.
The recipient is solely responsible for evaluating the contents of this document. Any investment decisions made by the recipient on the basis of the contents of this document are at the sole risk and liability of the recipient.
The sender and EFG Hermes accept no responsibility for any direct or indirect losses, costs or liability of any nature that does or may arise as a result of the recipient or any third party placing any reliance, whether directly or indirectly or in any manner, on the contents of this document. Unless otherwise stated, this document constitutes neither an offer nor a solicitation of an offer to sell or pur-chase any financial product.
This document is intended for the sole benefit of its intended recipient and may not be transmitted to any third party without the prior written approvalof EFG Hermes.
efghermes.com
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