Anxiety on Tunisian Market
Upsides in early Monday trading proved not sufficiently strong to heighten a mitigated sentiment as the market pulled slightly down in remaining sessions in thinner volume. SMART index ended off 0.71 percent following services strong falls by 4.12 percent. TAIR and leasing stocks led the way lower.
TAIR board continue to ignore analysts who are trying to instill into the listed companies' way of management that a pertinent profit warning could have smooth effects over the market, while instead of that, any lack of communication leads generally to harsh punishment in prices. By way of illustration, TAIR, the week's main loser, tumbled in later sessions to TND 15 on selling pressures, cutting the company market value by about TND 19 million. We expect shares in TAIR to lose further ground as expected disappointing H1 figures are to be aggravated by recent oil prices and dollar’s appreciation. This would fully erode operating accounts for the current year to show ever-gloomy figures. The company is considering selling assets to improve situation in its bottom line.
In leasing, the long-drawn-out tax probes keep the stocks under threat. TL the sector's heavyweight was down 3.85 percent this week to its second fresh annual low of TND 36.5 at Friday closes. Wide speculation over the full year stated income had deepened concerns since the last week. ATL, following suit to TL downward trend, touched a low Thursday that it had never seen since late September 1999, at TND 30. Analysts close to TL and ATL think that the two companies, which are acknowledged to have been laying out prudent policy, are fully provisioned against fiscal risks. This could relieve minds in the near future suggesting attractive discounts to current stock prices. Shares in AMEN LEASE and CIL seem however more resilient ending unchanged at 27 and TND 26 respectively.
The chemicals part in all-share index edged higher to 5.82 percent from 5.77 percent in the last week thanks to SOTUVER, AIR LIQUIDE and ICF recoveries as they made individual gains of about 3 percent. SOTUVER added momentum at TND 13.150, the stock that traded TND 11.33 a month ago had bucked downward markets in pocketsize amounts. AIR LIQUIDE jumped to TND 175.1 on Monday over limits excess while ICF added firm steady strides towards TND 57. ICF had put on TND 3 on three sessions weakening briefly to TND 54.98 Wednesday. Prices in ICF, the Aluminium Fluoride manufacturer, finished higher 3.64 percent on expectation that dollar-denominated exports revenues would boost significantly net earnings. On the other hand, Chemical companies still suffer from inflated bills in purchases that mostly hit AL KIMIA, which slumped 7.77 percent to TND 26.
Bullish Sentiment depleted in SITEX, the 50 percent foreign-capital textile manufacturer. More than 6,000 shares were still on offer Friday after five-session limits down of 14 percent. Investors await now for the publication of interim figures to asses the scale of the company’s recovery.
Trading had been lighter than usual from midweek with daily traded value fewer than TND 2 million in the latest three sessions. SFBT holds the best ranking in investors' leanings with 18,000 shares in turnover while liquidity in SOTETEL bonus shares staged a significant recovery with 7,822 changing hand. On the contrary, BIAT, BDET and STB recorded less worthy volumes mirroring sluggish mood in Banking. — ( TUSTEX)
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