Markets

Mubasher offers wide geographic and product coverage over an integrated platform, including equities, exchange traded funds, options, and fixed income, both conventional and Islamic. Our coverage includes 50+ equity markets across the Middle East and North Africa, North America, Europe, Asia, and Africa – primarily direct market access (DMA).

Region Market/Exchange Method
MENA Dubai Financial Market-DFM DMA
Abu Dhabi Exchange-ADX DMA
NASDAQ Dubai DMA
  Saudi Stock Exchange-TDWL DMA
  Qatar Exchange-DSM DMA
Muscat Securities Market-MSM DMA
Kuwait Stock Exchange (KSE) DMA
Bahrain DMA
  Egypt DMA
Lebanon Non-DMA
Jordan DMA
Palestine Non-DMA
  Tunisia One Touch
Morocco One Touch
Africa Ghana One Touch
Nigeria One Touch
Kenya One Touch
Mauritius One Touch
South Africa Non-DMA
Botswana Non-DMA
Zimbabwe Non-DMA
Asia Sri Lanka Non-DMA
Pakistan Non-DMA
Bangladesh High Touch
Singapore DMA
India One Touch
Hong Kong DMA
Japan Non-DMA
Australia DMA
Indonesia DMA
Malaysia DMA
Thailand Non-DMA
Philippines DMA
New Zealand DMA
Europe XETRA Germany DMA
Russia DMA
Turkey DMA
German Regionals DMA
Belgium DMA
  France DMA
Netherlands DMA
Austria DMA
Denmark DMA
Finland DMA
Italy DMA
Norway DMA
Portugal DMA
Sweden DMA
Switzerland DMA
Spain High Touch
UK DMA
CHIX DMA
America US Equity DMA
Canada DMA

*High Touch:Order placed offline by MFS

*One Touch:Order stops at broker

**Europe Markets are available via CHI-X

 

Australian Securities Exchange - ASX

General Information

Website:http://www.asx.com.au/

Index:S&P/ASX 100 Index (XTO) , S&P/ASX 200 Index (XJO)

Working Days:Mon Tue Wed Thu Fri Sat Sun

Currency:Australian Dollar - AUD

Working Hours – Australia Time (GMT +11) 10.00 am – 2.00 pm (UAE - GMT+4)
Pre Open Trading Session Pre-Close (Order entry only/no execution) Closing (Single Price Auction)
7:00 am – 10:00 am 4:00 pm – 4:10 pm 4:00 pm – 4:10 pm 4:10 pm – 4:12 pm

No of Listed Companies:2186 as of Feb 2016s

Market Capital:Aprox AUD 1.4 trillion (market cap of S&P ASX 300 Index – top 300 companies by market cap)

Settlement Cycle:T+3 / might become T+2 in March 2016.

Top Stocks

  • Commonwealth Bank of Australia (CBA) $212 million
  • National Australia Bank Ltd (NAB) $144 million
  • BHP Billiton Ltd (BHP) $138 million
  • Australia and New Zealand Banking Group Ltd (ANZ) $131 million
  • Telstra Corp Ltd (TLS) $118 million

Major Indices

S&P/ASX 100 Index

The S&P/ASX 100 Index (XTO) is Australia's premier large capitalization equity index, it is comprised of 100 stocks selected by the S&P Australian Index Committee. The index provides a benchmark for large active managers whose emphasis is on having a portfolio with strong liquidity. It essentially covers large-cap and mid-cap stocks evaluated for liquidity and size.

S&P/ASX 200 Index

The S&P/ASX 200 Index (XJO) is recognized as the investable benchmark for the Australian equity market, it addresses the needs of investment managers to benchmark against a portfolio characterized by sufficient size and liquidity. The S&P/ASX 200 is comprised of the S&P/ASX 100 plus an additional 100 stocks.

Others

ASX has several indices that are made to provide insight into the Australian market. Some of those indices are prepared according to companies’ market capitalization (similar to S&P/ASX 100 and 200 indices), sector, volatility, etc. Please refer to the below link for more details: http://www.asx.com.au/products/indices.htm

Trading

Order Types

  • Limit
  • Market-to-Limit: A market order that converts to a limit order at the best opposing price on entry. - Supported by market but needs to be customized on our system.
  • Best Limit: An unpriced limit order that takes the best displayed price and joins the resting queue of orders at that price. - Supported by market but needs to be customized on our system.
  • Iceberg: A limit order where only a portion of the total volume is displayed. - Supported by market but needs to be customized on our system.
  • Undisclosed Order: A limit order above a specified value where the limit price is displayed but the volume is un-displayed. - Supported by market but needs to be customized on our system.
  • Tailor Made Combinations (TMCs): An order type supporting multi-leg strategies at a specified net price that eliminates the execution risk between legs by executing all legs simultaneously on ASX markets. - Supported by market but needs to be customized on our system.

Closing Price Closing price is determined through the same algorithm used for calculating the opening price.

DMAYes

Price FeedInternal Only

Tick Size

Price From Price To Tick Size (AED)
0.01 1.00 0.001
1.00 10.00 0.01
10.0 100.00 0.05
100.0 Above 0.10

Tick Size

The settlement system and electronic securities depository for all cash equities traded in Australia is ASX Settlement. Settlement is conducted through the Clearing House Electronic Sub-register System (CHESS), which operates a Model 3 Delivery versus Payment (DvP) multilateral net batch settlement mechanism, exchanging cash for securities irrevocably. For further details, please see the below link: http://www.asx.com.au/services/settlement/asx-settlement.htm

You can also use the below link for settlement operating rules: http://www.asx.com.au/services/settlement/asx-settlement.htm

Dhaka Stock Exchange - DSE

General Information

Website:http://www.dsebd.org

Index:DSE Broad Index, DSEX Shariah Index, DSE 30 Index

Working Days:Mon Tue Wed Thu Fri Sat Sun

Currency:BDT – Bangladeshi Taka

Working Hours10:30 am – 2:30 pm BST (Bangladesh Standard Time)

Listed CompaniesDSE has 559 listed companies. http://www.dsebd.org/company%20listing.php

Market Capital:BDT 3,123 billion / Approx USD 39.979 billion as of December 2015

Settlement Cycle:T+2 for BUY; T+1 for SELL

Major Indices

DSE Broad Index - DSEX

DSEX reflects 97% of the total equity market capitalization. Stocks included in this index must have a float-adjusted market capitalization above BDT 100 million and must not fall below BDT 70 million after its inclusion; otherwise, it will be removed from the index.

DSEX Shariah Index – DSES

DSES serves as a Shariah-compliant broad market benchmark measuring the performance of the Bangladesh equity market. DSES is constructed as a subset of DSE Broad Index (DSEX) and includes all stocks included in the parent index that pass rules-based screens for Shariah compliance.

DSE 30 Index – DS30

DS30 includes the 30 leading companies and reflects around 51% of the total equity market capitalization. Eligible stocks must have a float-adjusted market capitalization above BDT 500 million.

Types of SecuritiesEquity and Mutual Funds

Top Stocks (as of 21st of December 2015)

  • Quasem Drycells (QSMDRYCELL) Market Cap: BDT 127.1570 million
  • Beximco Pharma (BXPHARMA) Market Cap: BDT 112.6970 million
  • KDS Accessories Limited (KDSALTD) Market Cap: BDT 105.6510 million
  • Square Pharmaceuticals Ltd. (SQURPHARMA) Market Cap: BDT 88.9500 million
  • BSRM Steel Limited (BSRMSTEEL) Market Cap: BDT 77.3150 million

Trading

Order Types

  • Limit Order
  • Market Orders

Time in Force RestrictionsGood till day

Example Investor ID16016XXXXXXXXXXX

Closing Price The closing price is determined as the weighted average price of all the trades in the last thirty minutes before the close (14:00-14:30). If there are no trades during this period, the closing price is determined as the weighted average price of the twenty trades prior to 14:00.

DMA (DSE)No

Price Feed:Available/Online

Closing Price Closing price is determined through the same algorithm used for calculating the opening price.

DMAYes

Price FeedInternal Only

TIF

Orders are allowed to have time restrictions, which limit the period the order is available to trade. The order will be automatically expire after close of trading for the stipulated day.

Settlement

  • Settlement is on T+2 for BUY and T+1 for SELL
  • Stock traded in DSE will be settled in BDT.

Tax

Capital-gains tax applicable on average 10%.
But it will be exempted if the company domicile in a country where tax is not applicable on stock transaction

Other Information

Bangladesh has adopted a very liberal industrial policy to attract foreign investment

  • No limitations pertaining to equity participation i.e. up to 100 percent foreign private investment allowed.
  • Except five reserve sectors, all industries are open for private investment. Industries earmarked for public sector investment are in the reserve sector namely :
    (i) arms, ammunition and other defense equipment and machinery
    (ii) Production of nuclear energy,
    (iii) Forest plantation and mechanized extraction within the bounds of reserved forests,
    (iv) Security printing (currency notes ) & minting and,
  • No permission of the government required to set up new industries.
  • For obtaining industries facilities like procurement of land, electricity, gas and sewerage connection, importation of capital machinery and raw materials tax rebate, duty drawback facilities etc. industries need only to be registered with the board of investment (BOI) in a simple prescribed from.

Hong Kong Stock Exchange - SEHK

General Information

Website:https://www.hkex.com.hk

Index:Hang Seng Index, HS H-Shares Index, Mini-Hang Seng Index

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:Hong Kong Dollar – HK$

Working Hours –
Hong Kong Time (GMT+8)
Pre-open session: 9:00 am – 9:30 am
Continuous Trading Session: 9:30 am – 4:00 pm

Listed Companies

Market Capital:Aprox $3.94 trillion

Settlement Cycle:T+2

Major Indices

Hang Seng Index (HSI)

Hang Seng Index (HSI), the benchmark of the Hong Kong stock market, is one of the best known indices in Asia and widely used by fund managers as their performance benchmark.

The HSI is a market capitalization-weighted index (shares outstanding multiplied by stock price) of the constituent stocks. The influence of each stock on the index's performance is directly proportional to its relative market value. The constituent stocks are grouped under Commerce and Industry, Finance, Properties and Utilities sub-indices.

The latest list of constituent stocks and compilation methodology are available on the website of Hang Seng Indexes Company Limited at http://www.hsi.com.hk

HS H-Shares Index

There has been growing investors' interest in China-related securities resulting from the rapid expansion of Mainland economy. The Hang Seng China Enterprises Index (HSCEI) is a market capitalization-weighted stock index which is compiled and calculated by Hang Seng Indexes Company Limited. The HSCEI tracks the performance of major H-shares. H-shares are Renminbi-denominated shares issued by People’s Republic of China (PRC) issuers under PRC law and listed on the Stock Exchange of Hong Kong, the par values of which are denominated in Renminbi, and which are subscribed for and traded in Hong Kong dollars. The latest list of constituent stocks and compilation methodology are available on the website of Hang Seng Indexes Company Limited at http://www.hsi.com.hk

Mini-Hang Seng Index

To meet the needs of retail investors with an interest in the Hong Kong stock market, the Hong Kong Futures Exchange (HKFE) has introduced a Mini-Hang Seng Index (Mini-HSI) futures contract since 9 October 2000. To complement Mini-HSI futures, Mini-HSI option contracts was launched on 18 November 2002.

The compact, Mini-HSI futures & option contracts are based on Hong Kong's benchmark Hang Seng Index (HSI), which is also the underlying index for the larger sized HSI futures & option contracts. The contract multiplier of the Mini-HSI futures & option contracts are HK$10.00 or one-fifth the size of the HSI futures & option contracts. Same as the HSI futures & option contracts, the settlement method for the mini contracts are cash settled.

Local retail investors who have less risk capital and lower hedging requirements will find the Mini-HSI futures and option contracts the most appropriate investment tools as well as hedging instruments for managing their market risk.

Other indices

Hong Kong has several indices. For the list of all indices and their details, you can check the link below: http://www.hkex.com.hk/eng/prod/drprod/DMProducts.htm

Types of SecuritiesSecurities

Top Stocks

  • China Mobile Ltd. (941) Market Cap: HKD 1,791,605 (million)
  • Tencent Holdings Ltd. (700) Market Cap: HKD 1,433,965 (million)
  • China Construction Bank Corporation (939) Market Cap: HKD 1,276,616 (million)
  • HSBC Holdings plc (5) Market Cap: HKD 1,218,480 (million)
  • AIA Group Ltd. (1299) Market Cap: HKD 561,453 (million)

Trading

Order Types

  • Limit Order
  • Market Orders

Time in Force RestrictionsGood till day

Example Investor ID

Closing Price the closing price of a stock is determined by taking the median of 5 nominal prices in the last minute of the continuous trading session

DMA (DSE)Yes

Price Feed:Internal only

Closing Price Closing price is determined through the same algorithm used for calculating the opening price.

DMAYes

Price FeedInternal Only

SettlementSettlement is on T+3

Indonesia Stock Exchange - IDX

General Information

Website:http://www.idx.co.id/index-En.html

Index:Jakarta Composite Index (JCI), The LQ45 Index

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:Indonesia Rupee - IDR

Working Hours –
Indonesia Time (GMT +7)
Pre-open: 8:45 am – 9:00 am
1st session: 9:00 am – 12:00 pm
2nd session: 1:30 pm – 3:50 pm
Pre-close: 3:50 pm – 4:15 pm
On Fridays, 1st session ends 30 minutes earlier and 2nd session starts 30 minutes later than normal schedule.

No of Listed CompaniesIDX has around 525 listed companies as of March 2016. For more details, please refer to the following link:
http://www.idx.co.id/en-us/home/listedcompanies/companyprofile.aspx

Market CapitalApprox. 5060 trillion IDR

Settlement Cycle:T+3

Top Stocks

  • Hamjaya Mandala Sampoerna Tbk PT (HMSP) with mkt cap of approx 512 trillion IDR
  • Unilever Indonesia Tbk PT (UNVR) with mkt cap of approx 364 trillion IDR
  • Telekomunikasi Indonesia Persero Tbk PT (TLKM) with mkt cap of approx 342 trillion IDR
  • Bank Central Asia Tbk PT (BBCA) with mkt cap of approx 333 trillion IDR
  • Astra International Tbk PT (ASII) with mkt cap of approx 285 trillion IDR

Major Indices

Jakarta Composite Index (JCI)

Jakarta Composite Index (JCI) uses all Listed Companies as the constituents for its index calculation. To ensure that JCI will reflect fair market condition, Indonesia Stock Exchange has the right to eliminate and or exclude one or several Listed Companies from the calculation of JCI. One of the considerations for this action is if the Listed Company’s public shares are owned only by a few shareholders (small free float) while its market capitalization is relatively high, and as a result the price change of the Listed Company’s stock may potentially affect the reasonable fluctuation of the JCI.

The LQ45 Index

The LQ45 Index, which was launched in February 1997, is a market capitalization-weighted index that captures the performance of 45 most liquid companies listed on the Indonesia Stock Exchange (the “IDX”). The LQ45 Index covers at least 70% of the stock market capitalization and transaction values in the Indonesia Stock Market. The Index is denominated in Indonesia rupiah (“IDR”) and is published throughout the trading hours of the IDX.

Trading

Order TypesLimit Order

DMAYes

Price Feed:Internal only

Tick Size

Price Fraction Scale Price Fraction Maximum Price Movement *
Eddy Codron eddy.codron@clsa.com +6564167860
< Rp500,- Rp1,- Rp20,-
Rp500,- to < Rp5.000,- Rp5,- Rp100,-
>= Rp5.000,- >= Rp5.000,- Rp500,-

Settlement

  • T+3
  • Settlement process in the Regular and Cash Market is carried out by the KPEI through the Netting process and book-entry on the Exchange Members' accounts in the Indonesian Central Securities Depository (KSEI).
  • If an Exchange Member fails to fulfill its obligations to deliver the securities as determined, it has to pay an Alternate Cash Settlement (ACS) amounted to 125% (one hundred twenty five percent) of that securities' highest price in

Japan Exchange Group

General Information

Japan Stock Exchange is a combination between Tokyo Stock Exchange and Osaka Securities Exchange as of the 1st of January 2013.

Website: http://www.jpx.co.jp/english/

Index:Tokyo Stock Price Index – TOPIX, JPX-NIKKEI Index 400, Nikkei Stock Average – NIKKEI 225

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:JPY - Japanese Yen

Working Hours –
Japan Time (GMT+9)
Pre-open: 8:00 am – 9:00 am
Morning session: 9:00 am – 11:30 am
Afternoon pre-open: 12:05 pm – 12:30 pm
Afternoon session: 12:30 pm – 3:00 pm

No of Listed Companies3,506 as of Feb 2016

Market CapitalAprox. $2.56 trillion as of Feb 2016

Settlement Cycle:T+3

Top Stocks

  • Fast Retailing Co Ltd (9983)
  • KDDI Corp (9433)
  • FANUC Corp (6954)
  • SoftBank Group Corp (9984)
  • Kyocera Corp (6971)

Major Indices

TOPIX

Tokyo Stock Price Index is a free-float adjusted market capitalization-weighted index that is calculated based on all the domestic common stocks listed on the TSE First Section. TOPIX shows the measure of current market capitalization assuming that market capitalization as of the base date (January 4 ,1968) is 100 points. This is a measure of the overall trend in the stock market, and is used as a benchmark for investment in Japan stocks.

JPX-NIKKEI 400

This index has 400 issues from the 1st, 2nd, Mothers, and JASDAQ sections of the Tokyo Stock Exchange. The Issues are selected based on their liquidity, trading value, market capitalization and some other criteria related to the companies’ performance. JPX-NIKKEI 400 is a free-float adjusted market capitalization-weighted index.

NIKKEI 225

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The index has been sufficiently used as the indicator of the movement of Japanese stock markets.

Trading

Order Types

  • Limit Order
  • Market Orders
  • On Open (Executed only during opening auction) - Supported by market but needs to be customized on our system.
  • On Close (Executed only during closing auction) - Supported by market but needs to be customized on our system.
  • Funari (A limit order that becomes a market order at the closing auction if not yet executed) - Supported by market but needs to be customized on our system.
  • IOC (Immediate of Cancel orders) - Supported by market but needs to be customized on our system.

Closing PriceItayose method is used during the closing auction to determine the closing price. It follows that all market orders and bids and offers at better prices must be executed.

DMAYes

Price Feed:Internal only

Tick Size

Please check the below link to find the tick size based on shares prices:
http://www.jpx.co.jp/english/equities/trading/domestic/07.html

Price Limits

Please check the below link to find the daily price limits
http://www.jpx.co.jp/english/equities/trading/domestic/06.html

Trading Unit

Trading units of domestic stocks are determined pursuant to a unit prescribed in articles of incorporation of each listed company. Now trading units are 100 shares or 1,000 shares for domestic stocks.

Settlement

  • Settlement is on T+3

Sections

Market Market Capitalization Listed Companies
1st Section 470,272.726 bil. yen 1,936
2nd Section 5,540.474 bil. yen 541
Mothers 2,610.603 bil. yen 219
JASDAQ Standard 6,965.828 bil. yen 743
JASDAQ Growth 240.574 bil. yen 44

The assignment between the different sections depends on each company’s financial performance and its market capitalization.

Bursa Malaysia

General Information

Website: http://www.bursamalaysia.com/market/

Index:FTSE Bursa Malaysia KLCI , FTSE Bursa Malaysia Mid 70 Index , FTSE Bursa Malaysia Top 100 Index , FTSE Bursa Malaysia Hijrah Shariah Index

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:MYR – Malaysian Ringgit

Working Hours –
Japan Time (GMT+9)
Pre-open: 8:00 am – 9:00 am
Morning session: 9:00 am – 11:30 am
Afternoon pre-open: 12:05 pm – 12:30 pm
Afternoon session: 12:30 pm – 3:00 pm

No of Listed CompaniesBursa Malaysia has 811 listed companies as of Feb 2016. For a detailed list, please use the following link:
http://www.bursamalaysia.com/market/listed-companies/list-of-companies/main-market

Market CapitalApprox. 1.4 trillion MYR as per the FTSE Bursa Malaysia Top 100 Index cap.

Settlement Cycle:T+3

Top Stocks

  • Axiata Group Berhad (6888) – Market Cap. Approx. 52.11 billion MYR
  • CIMB Group Holdings Berhad (1023) – Market Cap. Approx. 36.41 billion MYR
  • British American Tobacco (M) (4162) – Market Cap. Approx. 15.86 billion MYR
  • Astro Malaysia Holdings Berhad (6399) – Market Cap. Approx. 13.79 billion MYR
  • AMMB Holdings BHD (1015) – Market Cap. Approx. 13.654 billion MYR

Major Indices

FTSE Bursa Malaysia KLCI

The FTSE Bursa Malaysia KLCI comprises the largest 30 companies listed on the Main Board by full market capitalization that meet the eligibility requirements of the FTSE Bursa Malaysia Ground Rules. The two main eligibility requirements stated in the FTSE Bursa Malaysia Ground Rules are the free float and liquidity requirements.

FTSE Bursa Malaysia Mid 70 Index

Comprises the next 70 companies by full market capitalization

FTSE Bursa Malaysia Top 100 Index

Comprises the constituents of the FTSE Bursa Malaysia KLCI and the FTSE Bursa Malaysia Mid 70 Index.

FTSE Bursa Malaysia Hijrah Shariah Index

The FTSE Bursa Malaysia Hijrah Shariah Index is a tradable index which comprises the 30 largest companies in the FBM EMAS Index that meets the following triple screening process:

  • FTSE's global standards of free float, liquidity and investability
  • Yasaar's international Shariah screening methodology
  • Malaysian Securities Commission's Shariah Advisory Council (SAC) screening methodology

Trading

Order Types

  • Limit Order
  • Market Orders
  • Market To Limit Order (MTL) - Supported by market but needs to be customized on our system.
  • Market FAK (MO FAK) - Supported by market but needs to be customized on our system.
  • Fill And Kill (FAK) - Supported by market but needs to be customized on our system.
  • Minimum Quantity - Supported by market but needs to be customized on our system.

For details on each order type, please refer to the following link: http://www.bursamalaysia.com/market/securities/equities/trading/order-types/

DMAYes

Price Feed:Internal only

Tick Size

Price Range Tick Size (Sen)
Below RM1.00 0.5
RM1.00 up to RM9.99 1
RM10.00 up to RM99.98 2
RM100.00 above 10

Settlement

  • Financial settlement of Securities shall be on a “net basis”
  • Settlement is on T+3

Karachi Stock Exchange - KSE

General Information

Website:http://www.kse.com.pk/

Index:KSE 100 , KSE 30 , KSE All Share , All Shares Islamic Index of Pakistan , KMI-30

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:Pakistani Rupee

Working Hours Please refer to the below table for detailed market hours

Listed CompaniesThere are around 870 listed companies on KSE. For a list of the companies, please refer to the KSE website.

Market CapitalAprox Rs 7,626 billion as per the KSE all share index

Settlement Cycle:T+2

Major Indices

KSE 100

KSE 100 is the most recognized index of the KSE. It represents companies from all sectors of KSE and includes the largest companies on the basis of their market capitalization. This index includes almost 85% of the total market capitalization. For further details, you may refer to the index brochure through the below link: http://www.kse.com.pk/scripts/communicator.php?f=BrochureKSE100_Idx.pdf&l=tXt

KSE 30

The KSE 30 was introduced in 2006and is based on the “Free Float Methodology.” The index includes the top 30 most liquid companies listed on the KSE. For further details on the index, you may refer to the index brochure through the below link:
http://www.kse.com.pk/scripts/communicator.php?f=BrochureKSE30_Idx.pdf&l=tXt

KSE All Share Index

KSE all share index includes all the shares of the listed companies on the KSE.

All Shares Islamic Index of Pakistan

The all shares Islamic index was launched in 2015 and it comprises of all Shariah compliant companies listed on the KSE. There is a specific criteria that determines what constitutes as a Shariah compliant company and a non-Shariah compliant company. For further details, you may check the brochure through the below list:
http://www.kse.com.pk/scripts/communicator.php?f=AllShrIslamic_Idx_Brochure.pdf&l=tXt
You may also check the below link for a list of the companies included in this index: http://www.kse.com.pk/scripts/communicator.php?f=AllShrIslamic_Idx_ComplaintList.pdf&l=tXt

KMI-30

This index tracks the 30 most liquid Shariah-compliant companies listed on the KSE. KMI-30 was introduced in 2008 and it includes the 30 companies that qualify the KMIKMI Shariah screening criteria and are weighted by float adjusted market capitalization. For further details, you can check the brochure of the index: http://www.kse.com.pk/scripts/communicator.php?f=BrochureKMI_Idx.pdf&l=tXt

Top Stocks (as of 4th of January 2016)

  • Habib Bank (HBL) Market Cap: Rs 147,052 million
  • MCB Bank Ltd (MCB) Market Cap: Rs 96,388 million
  • Hub Power Co. (HUBC) Market Cap: Rs 90,154 million
  • Fauji Fert (FFC) Market Cap: Rs 82,078 million
  • United Bank (UBL) Market Cap: Rs 75,884 million

Trading

Order Types

  • Limit Order
  • Market Orders

Example Investor ID ---

Closing Price---

DMAYes

Price Feed:Online/Available

Settlement

  • Settlement is on T+2

Tax

  • Foreign investors are treated at par with local investors in tax treatment.
  • The dividend is subject to withholding tax at 10%, which is taxed at source.
  • Dividend income is taxed as a separate block of income in the hands of individual shareholders.
  • Any income derived from TFC's is subject to income tax.

Market Hours – Pakistan Timing (GMT+5)

MONDAY TO THURSDAY FRIDAY
  First Session Second Session
Regular (Pre-Open) 9:15 a.m - 9:30 a.m     9:00 a.m - 9:15 a.m 2:15 p.m - 2:30 p.m
Regular Order Matching & Confirmation Period * 9:30 a.m - 9:32 a.m     9:15 a.m - 9:17 a.m 2:30 p.m - 2:32 p.m
Regular (Open) 9:32 a.m - 3:30 p.m 9:17 a.m - 12:00 noon 2:32 p.m - 4:30 p.m
Restrictive Period ** 9:32 a.m - 9:33 a.m     9:17 a.m - 9:18 a.m 2:32 p.m - 2:33 p.m
Regular (Suspend) 3:30 p.m     12:00 noon      4:30 p.m
Square-up (Pre-Open) 01:00 p.m - 01:30 p.m - 3:30 p.m - 04:00 p.m
Square-up (Open - Close) 01:30 p.m - 4:00 p.m

* During Regular Order Matching & Confirmation Period, the System shall be static for minimum 2 minutes and maximum for about 10 minutes and no Order shall be input into the System, amended or cancelled.

** In Restrictive Period, Order entered during pre-open session cannot be cancelled, modified or suspended.

Other Information

Shariah Screening Criteria

Shariah compliance of stocks is done under the guidance of qualified and reputed Shariah experts. For stocks to be “Shariah compliant”, it must meet ALL the six key tests given below:

1. Business of the Investee Company

The core business of the company should not violate any principle of Shariah. Therefore, it is not permissible to acquire the shares of the companies providing financial services on interest like conventional banks, insurance companies, leasing companies or the companies involved in some other business not approved by the Shariah e.g. Companies making or selling liquor, pork, haram meat, or involved in gambling, or any other impermissible activities.

If the main business of the investee companies is Halal, like automobiles, textiles, manufacturing concerns etc but they deposit their surplus amounts in an interest bearing account or borrow money on interest, the share holder must express his/her disapproval against such dealings, preferably by raising his/her voice against such activities in the annual general meeting of the company and/or by sending a letter to the management in this regard.

2. Interest Bearing Debt to Total Assets, <37%

The Interest Bearing Debt to Assets ratio should be less than 37%. To understand the rationale behind this condition, it should be kept in mind that such companies are mostly based on interest. Here again, the aforementioned principle applies i.e. if the shareholder is not personally agreeable to such borrowings, but has been overruled by the majority, these borrowing transactions cannot be attributed to him/her. Debt, in this case, is classified as any interest bearing debt including Bonds, TFCs, Commercial Paper, Conventional Bank Loans, Finance Lease, Hire Purchase, issuing preference shares etc.

3. Non-Compliant Investments to Total Assets, <33%

The ratio of Non Compliant Investments to Total Assets should be less than 33%. Non-Shariah Compliant Investments include investments in conventional mutual funds, conventional money market instruments, Commercial Paper, interest bearing bank deposits, Bonds, PIBs, FIB, T-Bills, CoIs, CoDs, TFCs, DSCs, NSS, derivatives etc. Non-Compliant investments also include investments in companies which are declared Shariah non-Compliant due to non-compliance to any of the mentioned criteria for Shariah Compliance.

4. Non-complaint Income to Total revenue, <5%

The ratio of Non Compliant Income to Total Revenue should be less than 5%. Total Revenue includes Gross Revenue plus any other income earned by the company. Non Compliant Income includes income from gambling, income from interest based transactions, income from Gharar based transactions i.e. derivatives, insurance claim reimbursement from a conventional insurance company, any penalty charged on late payment in credit sale, income from casinos, addictive drugs, alcohol, dividend income from above mentioned businesses or companies which have been declared Shariah Non-Compliant due to non-compliance to any of the mentioned criteria for Shariah Compliance etc.

5. Illiquid Assets to Total Assets, >25%

The ratio of Illiquid Assets to Total Assets should be at least 25%. The Sum of all those assets whose trade price can deviate from par value, according to the rules of Shariah, is considered the aggregate value of illiquid assets. Illiquid Assets include inventory of raw materials, work-in-process, all fixed assets such as property, plant & equipment, stores and spares, stock in trade etc.

6. Net Liquid Assets/Share vs Market Price/Share

Market Price per share should be at least equal to or greater than net liquid assets per share. Net liquid assets per share is calculated by using the following formula:>

Net Liquid Assets Per share = Total Assets - liquid Assets - Long Term Liabilities - Current Liabilities No.of Shares Outstanding

Foreign Investor – specific Information:

  • The foreign investors are freely allowed to operate in the capital market without any retention period.
  • There are no restrictions on the extent of foreign ownership stake and also no limit for holding the shares for trading purposes.
  • Funds invested in the capital market are freely transferable along with dividend income.

Philippine Stock Exchange (PSE)

General Information

Website:www.pse.com.ph/

Index:PSE Index – PSEi , Al Share Index , Sector Indices.

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:PHP – Philippine Peso

Working Hours –
Hong Kong Time (GMT+8)
Pre-open session: 9:00 am to 9:30 am
Morning session: 9:30 am to 12:00 pm
Afternoon session: 1:30 pm – 3:17 pm
Pre-close session: 3:17 pm to 3:20 pm
Trading at last: 3:20 pm – 3:30 pm

No of Listed CompaniesPSE has around 312 listed companies as of Feb 2016. For a list of the companies with their details, please refer to the following link:
http://www.pse.com.ph/stockMarket/listedCompanyDirectory.html

Market CapitalApprox. 10.77 trillion Peso as of Feb 2016.

Settlement Cycle:T+3

Top Stocks

  • Universal Robina Corporation (URC) – Market cap. Approx. 327 billion peso
  • Bank of the Philippine Islands (BPI) – Market cap. Approx. 324 billion peso
  • Metropolitan Bank & Trust Company (MBT) – Market cap. Approx. 315 billion peso
  • SM Prime Holdings, Inc. (SMPH) – Market cap. Approx. 310 billion peso
  • Ayala Corporation (AC) – Market cap. Approx. 268 billion peso

Major Indices

PSE Index - PSEi

The PSEi is the main index of the Exchange. It is composed of a fixed basket of 30 companies, whose selection is based on a specific set of criteria. The PSEi measures the relative changes in the free float - adjusted market capitalization of the 30 largest and most active common stocks listed at the PSE. By gauging changes in the stock prices of select listed companies, the PSEi provides a snapshot of the market’s overall condition. The base level of the PSEi was pegged at 1,022.045 points. This was reckoned according to the close of the index on February 28, 1990, which is the PSEi’s base date.

Al Share Index

The All Shares Index is a complementary index to the PSEi. It is considered a broader barometer of the index, because it includes all the common stocks of companies listed at the Exchange. The base value of the All Shares Index was set on November 14, 1996, at 1,000.00 points. The full market capitalization method is used in computing the All Shares Index. The All Shares index excludes those listed in the Small and Medium Enterprises (SME) Board.

Sector Indices.

To track the performance of specific sectors of the market, the PSE also maintains six sector indices representing each major sector under the revised industry classification of the Exchange. These indices are the (1) Financials Index; (2) Industrial Index; (3) Holding Firms Index; (4) Property Index; (5) Services Index; and (6) Mining & Oil Index.

Trading

Order Types Limit Orders

Closing PriceOpening and closing prices are calculated based upon a volume maximizing price auction

DMAYes

Price Feed:Internal Only

Price Limits

A price band is set at -/+50% from the previous closing price or the last posted bid price, whichever is higher.

Settlement

  • T+3
  • The SCCP uses a delivery-versus-payment settlement. After it has performed a satisfactory verification of the multilaterally netted receipt/delivery position, it effects simultaneous settlement on T+3

Singapore Exchange - SGX

General Information

Website:http://www.sgx.com

Index:

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:Singapore Dollar – SGD

Working Hours –
Singapore timing (GMT+8)
Pre-open: 8:30 am
Open: 9:00 am
Pre-close: 5:00 pm
Close: 5:06 pm
Last two minutes in the “pre” sessions are non-cancel.

No of Listed Companies SGX has 733 listed companies.
http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/stockfacts

Market CapitalApprox $902 billion as of November 2015

Settlement Cycle:T+3

Major Indices

Straits Times Index

The Straits Times Index (STI) is a market capitalization weighted index that tracks the performance of the top 30 companies listed on SGX

FTSE ST All-share Index

The FTSE ST All-Share Index is a market capitalization weighted index that tracks the performance of companies listed on SGX that are within the top 98% (by market capitalization).

FTSE ST Mid Cap Index

The FTSE ST Mid Cap Index is a market capitalization weighted index that tracks the performance of the next top 50 Companies (after the STI constituents) listed on SGX.

Other indices

Singapore has several indices. For the list of all indices and their details, you can check the link below:
http://www.sgx.com/wps/portal/sgxweb/home/marketinfo/indices/indices/!ut/p/a1/jc7LDoIwEIXhR-qZQmpdFqJS0ZCCrdCNYUVIFF0Yn99ijAvibXaTfCf5mWc180N767v22p-H9jj-XhyEREy8wlpmkFBclstyuwG3FEATAFcqzpBiXliaQdvExImzlGvx3x4fTuHXfs_8g7wKJF-FAhImpV0a5SWm4E3iBDiMoEiqyjkyi-gJvkReTrZGr7s7XqCEDw!!/dl5/d5/L2dBISEvZ0FBIS9nQSEh/



Top Stocks(as of 21st of December 2015)

  • DBS Group Holdings (DBS) Market Cap: 33,020,420
  • CapitaLand Limited (CapitaLand) Market Cap: 30,639,436
  • Noble Group Limited (Noble) Market Cap: 30,334,090
  • United Overseas Bank Limited (UOB) Market Cap: 29,483,934

Trading

Order Types

  • Limit Order
  • Market Orders

Time in Force Restrictions Good till day

Example Investor ID ----

Closing Price----

DMAYes

Price Feed:Internal Only

Settlement

  • Settlement is on T+3

Board Lot Size

Effective on 19 January 2015, the standard board lot size will be reduced from 1000 units to 100 units. Most stocks and securities products will trade in board lot size of 100 in the Ready Market. The Ready Market facilitates the trading of securities in the designated board lot sizes.

The trading of odd lots in any quantity less than one board lot of the underlying securities in the Ready Market will continue to be enabled in the Unit Share Market.

For a buy order of 106 ABC shares, 100 shares will be executed on the Ready Market and the remaining 6 shares will be executed on the Unit Share Market. Amalgamation of trades between the Ready and Unit Share markets is possible, whereby trades executed in the two markets for the same underlying share can be consolidated in a single contract.

Bid Size

Security  Type Price Range (SGD) Price  Steps Forced Order Range
Equities, equity derivatives (structured warrants, Extended Settlement contracts).Excludes ETFs, bonds and debentures. Below $0.20 0.1 cent +/- 20 ticks
$0.20 to below $1.00 0.5 cent
$1 to below $2 0.5 cent
$2 to below $10 1 cent
$10 and above 1 cent

Johannesburg Stock Exchange - JSE

General Information

Website: https://www.jse.co.za/

Index:JSE Africa All Share Index

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:South African Rand - ZAR

Working Hours –
(South Africa GMT + 2)
Trading Session 9:00 am – 5:00 pm

CurrenciesSouth African Rand - ZAR

Listed Companies https://www.jse.co.za/current-companies/companies-and-financial-instruments

Market CapitalApprox $1007 billion

Settlement Cycle:T+5

Major Indices

FTSE/JSE Africa All Share Index

This index includes 99% of all companies listed on the JSE. Listed companies are screened and ranked by market capitalization and the top %99 are included in this index.

FTSE ST All-share Index

The Top 40 Index includes the highest 40 companies in the FTSE/JSE Africa All Share Index in terms of market capitlization

FTSE/JSE Africa Mid Cap Index

The Mid Cap Index contain the sixty highest ranking companies in terms of market capitalization that are not included in the FTSE/JSE Africa Top 40 Index (i.e. the companies that are ranked 41-100 in terms of market capitalization that are included in the FTSE/JSE Africa All Share Index)

Types of Securities

Equity

Top Stocks

  • British AM. Tobacco PLC (BATS) Market Cap: ZAR 1.560 trillion / Approx $107 billion
  • SABMILLER PLC (SABMILLER) Market Cap: ZAR 1.428 trillion / Approx $98 billion
  • NASPERS LIMITED (NASPERS) Market Cap: ZAR 845 billion / Approx $58 billion
  • Compagnie Fin Richemont (RICHEMONT) Market Cap: ZAR 624 billion / Approx $43 billion

Trading

Order Types

  • Limit Order
  • Market Orders
  • Day Orders.
  • Good Till Cancel (GTC)
  • Good Till Date (GTD)
  • Hidden Orders

Example Investor ID ----

Closing PriceLast Traded Price

DMAYes

Price Feed:Internal Only

TIF

Orders are allowed to have time restrictions, which limit the period the order is available to trade. The order will be automatically removed after close of trading for the stipulated day.

Tax

  • Capital Gains Tax (CGT): No CGT tax in South African market for non-residents, except for immovable property.
  • Dividends Tax: Tax on dividends is 15% taxed at source.
  • Please refer to South Africa Revenue Services website for further details on the rules: http://www.sars.gov.za/Pages/default.aspx

Other Information

Stock Exchange of Thailand - SET

General Information

Website: http://www.set.or.th/set/mainpage.do?language=en&country=US

Index:SET Index , SET50 Index and SET100 Index

Working Days: Mon Tue Wed Thu Fri Sat Sun

Currency:Thai Baht - THB

Working Hours –
Thailand Time (GMT +7)
1st pre-open: 9:30 am – 10:00 am, Morning session: 10:00 am – 12:30 am, 2nd pre-open: 2:00 pm – 2:30 pm, Afternoon session: 2:30 pm – 4:30 pm, Pre-close: 4:30 pm – 4:40 pm

No of Listed Companies SET has around 705 listed companies as of March 2016

Market CapitalApprox 68.9 billion THB

Settlement Cycle:T+3

Top Stocks

  • Jasmine International Public Company Limited (JAS) with mkt cap. approx. 7 billion THB
  • PTT Exploration and Production Public Company Limited (PTTEP) with mkt cap approx. 4.1 billion THB
  • Advanced Info Service Public Company Limited (ADVANC) with mkt cap approx. 3.2 billion THB
  • True Corporation Public Company Limited (TRUE) with mkt cap. approx. 2.8 billion THB
  • Total Access Communication Public Company Limited (DTAC) with mkt cap. approx. 2.4 billion THB

Major Indices

SET Index

SET Index is a composite index which represents the price movement for all common stocks trading on the SET.

SET50 Index and SET100 Index

These indices are calculated, respectively, from the stock prices of the top 50 and 100 listed companies on SET in terms of large market capitalization, high liquidity and compliance with requirements regarding the distribution of shares to minor shareholders. The component stocks in the SET50 Index and the SET100 Index are reviewed every six months in order to adjust for any changes that have occurred in the stock market, such as new listings or public offerings. After review, stocks that meet the necessary qualifications are selected to become part of the SET50 Index or the SET100 Index and others are removed.

Other Indices

Please refer to the exchange website for more details on other indices.

Trading

Order Types

Closing PriceThe determination of the closing price is based on the random Auction method. For further details, please refer to: http://www.set.or.th/en/products/trading/equity/tradingsystem_p4.html

DMAYes

Price Feed:Internal Only

Tick Size


Market Price Level (baht) Spread (baht)
Less than 2 0.01
2 up to less than 5 0.02
5 up to less than 10 0.05
10 up to less than 25 0.10
25 up to less than 100 0.25
100 up to less than 200 0.50
200 up to less than 400 1.00
400 up 2.00

Price Limits

The SET allow prices of a stock traded on the Exchange to fluctuate within a range of 30 percent of the previous closing price on the local stock (previously called “main board stock”). However, if the calculated daily price limit is less than +1 Price spread, stock prices may fluctuate within a range of +1 Price spread. The price limit on foreign shares (previously called “foreign board stock”) can be within a range of 60 percent of the previous closing price of the local shares

Trading Unit

Generally, each trading unit, a so-called "board lot", contains 100 units of each security; however, for each security priced at 500 baht or more for 6 consecutive months, one board lot is equivalent to 50 units.

Tax

For details on the taxation rules in Thailand, please refer to the below link: http://www.set.or.th/en/regulations/tax/tax_p1.html

Settlement

  • T+3

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