Remarkable U-turn for the Tunis Stock Exchange
The most heavily weighted stock, SFBT, sent industrials higher 2.53 percent whereas services were down 2.18 percent amid SOTETEL limpness. TUNINDEX swept on to reach 1447.34 led by banks inspiring more confidence whereas SMART index ended higher 0.95 percent.
Likely to be the focus of the market, banks made further spotlights as investors proved to appreciate interim reporting. STB put on 2.7 percent despite saggy sentiment over the week. The bank's stunning H1 performance, though exceptional, had brought momentum in market price before being hit by opportunist profit taking. UBCI, the sector heavyweight has outperformed with BH. Both added over 3 percent gains to finish at TND 41.320 and TND 13 respectively their two-week and one-month highs. The investors renewed enthusiasm in such assets but still less confident in others like BIAT that went a little changed up 0.46 percent. Development banks were though weakening dipping almost 2 percent and 3.57 percent in BDET and BNDT, the sector's best performances two weeks ago.
SFBT, the most active stock, lifted the indices, rising 3.6 percent whenever giving impression to stage a new rally. The share after has limbered up during an 8-day period showed strong rebound on Friday advancing 2.53 percent at TND 187 whereas it opened at 182.4 in early trading. The record demand of last session, about TND 2.25 million, has provided most support accounting for 60 percent of the day's volume.
MAGASIN GENERAL suffered selling pressures moving progressively back to TND 14.5. The share price lost 4.61 percent over the week depressing the distribution sector whereas BATAM unexpectedly reversed last week sell-off effects ending off session high at TND 21.5.
Elsewhere in services, SOTETEL was down 3.32 percent on worries over the investors' brusque disaffection. As investors dumped shares on growing nervousness, which heighten on Wednesday sending common shares down to a month low of TND 200.6, new shares tried to rub along to finish lower 2.12 percent. The market is lacking news on GSM contracts and forthcoming right issues that caused the current upwards march break-up. Besides, Ericsson, the powerful Swedish group shortly implemented in Tunisia, is seeing to pose threats for both SOTETEL and Tunisia Telecom whether charming their high skilled technical staff. If it does, it would be a setback to SOTETEL ambition to establish itself as a high-tech stock.
Among chemicals, AL KIMIA, which quoted just two sessions against three in last week, showed lean volume as only 7 shares were dealt this week. Prices tumbled 8.97 percent. The share, which was driven off from the continuous mode to the fixing one, is suffering low ever liquidity level falling back from TND 28 in April to almost TND 23. The squeeze in company's operating margins indicated that outlook might show unjustified overvalued multiples.
The bourse generated quite thinner trades of TND 11.28 million, the lowest week volume since mid-April due to summer leaves. SFBT owned a large stake of more than 35 percent this week thanks to final session strong activity. The banking revival helped STB and BIAT maintaining sustained exchange. BIAT dealt a 24,000 block on Thursday worth around TND 0.7 million in terms of weekly turnover. STB selling pressure continued firmly to put transactions slightly over TND 0.6 million. — ( TUSTEX)
© 2000 Mena Report (www.menareport.com)