MARKET INFORMATION
Bourse de Tunis
http://www.bvmt.com.tn/

 

Trading Hours

Pre-opening session

08:30 - 09:00

Open

09:00 - 13:59

Pre-closing

14:00 - 14:05

Trading at last

14:05 - 14:15

Time Zone

GMT+1

Trading Days

Monday - Friday

Trading Currency

Tunisian Dinar (TND)

Main Index

Tunindex

Reuters code

TUNINDEX

Bloomberg code

TUSISE

Tunindex20

Reuters code

TUNINDEX20

Bloomberg code

TUSI20

Exchange Code

Reuters code

TU

Bloomberg code

TU

Trading ID/ Trading Requirements

Account number at the local custodian level

Settlement Cycle

T+2

Market Cap

$7.9bn
Average Daily Value Traded
YearAVG VALUE TRADED
2021 $ 1.9mn
2022 $ 1.9mn
2023 $ 2.3mn
MARKET DYNAMICS

Stock Limit
Up/Down


+/- 6%

from previous close

If a stock moves 4% from previous close it gets suspended for 10 minutes, then the stock re-opens with a ceiling of 6% where it will remain suspended if that ceiling is reached.

Tick
Size

0.01 TND

Board
Lot

No board lots.

Crosses

Crosses can be executed within the market spread during regular trading hours.

Off-Market
Crosses

Available with the following criteria;
1) Within the trading hours of14:15 to 14:30
2) Trade should be at least TND 1mn.
3) The price range were you can cross at depends on the value of the cross trade.

Please contact us for more details

Official
Closing Price

Auction price and incase no matching occurred in the auction, the last traded price prior to auction will be the closing price.

Closing
Auction


The first five minutes of the auction is used to set the closing price dependent on the matching of orders. The second five minutes are for trading at the matched price which is also the official closing price.).

Iceberg
Orders

Available

MARKET REGULATIONS
Foreign Ownership Restriction
Foreign investors can own up to 66.66% of all listed companies except for the distribution brands; Monoprix and Magasin General as well as the real estate companies; Simpar and Sits
Disclosure Rules
A public disclosure must be done within 5 business days from the acquisition/divestment at the ownership of 5%, 10%, 20%, 33.33%, 49.99%and 66.66%of any listed company
Securities Lending
Not permitted
Short selling
Not permitted
Crossing Restrictions
None
Failing Trades
The local custodian’s deadline to receive instructions to deliver securities or provide the necessary funds to cover purchases is T+1 at 15:00 local time in order for the trade to settle properly on T+2. If either of the settlement instructions of delivering securities or funds are missing a trade remains suspended until T+8 (with daily late settlement penalties being imposed by the Tunisian Clearing house, which are 25 Tunisian Dinars per day and per line of trade (Per ticket executed in the market)). On T+8 the emergency fund set
by the Tunis Stock Exchange intervenes to settle the trade.
MARKET FEES & TAXES
Market Fees 15 bps
Fiscal Stamp A flat 0.6 Tunisian Dinars
VAT 19% on brokerage and stock exchange commission
Withholding Tax None
Capital Gain Tax Capital gains are exempt of any taxation on condition that investors hold securities for more than two years.

25% capital gain tax will be applied with a ceiling at 5% of sale
proceeds for institutional investors who hold securities for less than
two years.

10% capital gain tax will be applied with a ceiling at 2.5% of sale
proceeds for retail investors unless the investor is resident in one
the countries with whom Tunisia has signed a non-double taxation
treaty
Dividend Tax 10%