A new record for the Tunis Stock Exchange
(TUSTEX) – The market rallied this week amid resurgence of leasing and services. However, traded volumes stood thin ahead of the uncertainty related to the move of 15 shares from fixing to continuous trading. All Indexes were back into positive territory recovering from Monday's session decline. Services highly out-performed with 5.4 percent have propped up the upturn reflected overall by some 1.2 percent rise. The TUNINDEX beat a new record ending the week at an all-time high of 1366.39 points.
The first week in the starting third quarter showed acceleration in several stocks momentum up over 12 percent by weekly gains in almost 7 listed stocks. More impressive, some daily gains went higher beyond 5 percent. The major performing sectors were leasing sector as well as distribution's gleaning 24 and 14 basis points respectively in their market weightings. The new climate bolstered by a wide bargain hunting benefited mainly to GL, ATL, and CIL which raced up 17.4 percent, 12.2 percent and 12.1 percent respectively. Investors behaved differently keeping in track TL last week performance but definitely proved they have ignored the last tax matters. Being reassured, those who previously dumped leasing stocks reconsidered building positions in this sector. Their reluctance almost disappeared since attractive prices dispelled more concerns on further downturns and alternatively triggered hopes for new highs. Upwards pressures sent the shares prices higher but within the daily regulatory limits enlarged with the continuous mode.
SPCD soared amid announcement that the chemical businesses of the parent group UTIC are going to be taken over by UNILEVER. The stock suspended during three sessions before dealing 15,663 shares Thursday, worth TND 49 a unit, has reversed sluggishness. Friday Shares in SPCD hiked to TND 50,470 higher than the offering price. Investors rushed to embrace order placements when dividend distribution is planned for 10 July.
TUNISAIR, embarked into catch up move after Monday's session events consistent of both bonus and coupon detachment bringing afterwards prices down at TND 16.9, it ended therefore higher 8.37 percent at TND 18.300 following an impressive racing. Friday, a price high of TND 18.840 was reached while ever-continuous flurry demand peaking on Thursday (43,150 shares) came in to sustain bullish trend. Thursday, more than 43,000 shares in TUNISIAR changed hands feeding the week trading with further TND 0.5 million to amount to TND 1.5 million.
MAGASIN GENERAL and BATAM racked up 14.15 percent and 10.9 percent in a clear upbeat mood over the sector. Moreover, Net improvement in sentiment towards these stocks has facilitated the unwinding of some consistent moves. Through the trading floor, two one-off trades in MAGASIN GENERAL occurred on Monday and Friday and doubled the share weekly trading from last week figure to beat a new record since five months.
While market showed fewer upheavals in trading, some shares were outstanding with overwhelming activity, so namely: TUNISAIR, BT, MAGASIN GENERAL, SPCD and ATL. This reflects the more diversified structure of the trading, as some stocks on hold are becoming more appreciated by market players extending aggressively their selectivity scopes. SFBT and SOTETEL, in dominant position, govern the trading as well but cash migration has again pulled stock liquidity down in SFBT at TND 2.5 million and caused shrinkage in weekly rotation down at 17,300 shares.
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