equity markets - 8londonconference.efghermes.com · also incurring 50 bps penalty fees per day from...

2018MENA&FRONTIER EQUITY MARKETS

TRADING GUIDEEmerging Markets - Today & Tomorrow

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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


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.




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.


MARKET FEES & TAXES

Market fees5.075 bps(breakdown available)


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.




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.


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)





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%



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


Short selling Penalty: 10% of gross amount of the trade + markets fees + any price differences

MARKET FEES & TAXES

Market fees 14 bps(breakdown available)



Dividend Tax None

12 - 13

Jordan

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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


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




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


Below 49.99 0.0150.00 99.99 0.05100 499.99 0.10500 and above 0.50

LEBANONMARKET DYNAMICS

No Board Lots


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


Current Index Status MSCI FM no FTSE classification




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.



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.




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.


<100 0.01100 500 0.05500 1,000 0.101,000 and above 1

MOROCCOMARKET DYNAMICS

No board

lots


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.





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



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


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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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 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





Stock Limit

Up/Down

Board Lot

Crosses


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



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.



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

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No board

lots

+/-10%

from previous close

QATARMARKET DYNAMICS

Stock Limit

Up/Down

Board Lot


Crosses

QAR 0.01

Tick Size


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


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


Settlement Cycle T+3 Current Index Status MSCI EM - FTSE EM



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




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


Available

Iceberg Orders

MARKET FEES & TAXES

Market fees 5.50bps Capital Gain Tax None

Withholding Tax None Dividend Tax None

22 - 23

Qatar

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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


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)


Current Index Status On the watchlist to be added to MSCI EM and FTSE EM in 2019. Reviews will take place in 2018


YEAR AVG VALUE TRADED2016 $1.39bn2017 $891.86mn


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



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


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


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



Current Index Status MSCI EM - FTSE EM


YEAR AVG VALUE TRADED2016 $ 55mn2017 $ 53mn


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%



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


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


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





YEAR AVG VALUE TRADED2016 $ 146mn2017 $ 126mn


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


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


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)




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


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


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.



YEAR AVG VALUE TRADED2016 $ 4.99mn2017 $ 6.00mn


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


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.


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


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)




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


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


Crosses

MARKET INFORMATION

Dhaka Stock Exchange (DSE) www.dsebd.org/


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




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.




Timeline for New NIN Setupnone

MARKET FEES & TAXES

Market fees 7.5 bps (breakdown available)


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


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


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




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.


Short sellingpermitted with strict requirements.


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


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


Current Index Status MSCI FM; FTSE FM



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


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



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


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





+/-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


Timeline for New NIN Setup5 weeks

MARKET FEES & TAXES

Market feeson the buys 3bps

on the sells 10.00 bps + 3bps



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


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





+/-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


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



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


Current Index Status MSCI StandaloneFTSE FM




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.




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


CSD Fee 0.12%

VAT 12%


Dividend Tax 7.5%

46 - 47

Botswana

efghermes.com

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





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.




MARKET FEES & TAXES

Market fees 30 bps (breakdown available)

Withholding Tax 0.10%on the brokerage fees


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


YEAR AVG VALUE TRADED2016 $0.219nm2017 $0.463nm


+/-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.




Timeline for New NIN Setup5 business days

MARKET FEES & TAXES


Withholding Tax 20%


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


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





Not permitted

Off- Market Crosses


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.



Timeline for New NIN SetupNone

MARKET FEES & TAXES



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)


MARKET INFORMATION

The Stock Exchange of Mauritius (SEM) www.stockexchangeofmauritius.com



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




YEAR AVG VALUE TRADED2016 USD 1.5mn2017 USD 2.3mn


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.


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%



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


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)


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


Current Index Status MSCI FM(on watchlist for demotion to standalone)

FTSE FM(on watchlist for demotion to standalone)




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)


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


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



+/-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


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)


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


Trading Currency Ugandan Shilling (UGX)

Main IndexReuters code ALSIUG

Bloomberg code UGSINDX

Exchange CodeReuter .UG

Bloomberg UGX



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


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


Short selling

Not permitted

Crossing RestrictionsN/A

Timeline for New NIN Setup3 business days

MARKET FEES & TAXES

Market fees 40 bps(breakdown is available)


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


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


Current Index Status MSCI StandaloneNo FTSE classification


YEAR AVG VALUE TRADED2016 $ 0.91mn2017 $ 2.84mn


+/-20%

but stock priced below USD 0.01 can

fluctuate

+/-100%


Stock Limit

Up/Down

Crosses


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


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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