Tunisian Stock Exchange heavily shacked
The sentiment was heavily shacked since Tuesday amid concerns over SOTETEL and SFBT turndown. Services were severely hit sinking 4.45 percent and industrials finished off 1.92 percent. Overall, SMART index which erased early gains gave up 1.10 percent but finished in positive note on Friday as SFBT nudged up.
The mood has flagged after last week upturn. Leading stocks tumbled staring from Tuesday session on rumors of SOTETEL’s capital issue postponement. Similarly, SFBT lost 2.95 percent Tuesday to TND 184.2 and continued its decline to TND 180 at Thursday’s closing. On Friday, it halted three-day losses rebounding 1.11 percent at the end of the session only in thin volumes. No sentiment was though clear in such widespread correction when some institutionals proved confused unlike the retail investors who more cautious continued to take profits in greater proportions. Over the week, SFBT shed 2.67 percent while more than 34,000 shares were dealt through mini bear markets.
SOTETEL has had many pains to pass by this tumult dropping steeply by almost 11 percent in all shares to show the worst stock performance. The share took toss in midweek with 4.4 percent and 4.5 percent on Tuesday and Wednesday over runaway rumors about the more likely delay of the upcoming issue. Since then, the investors perceived this issue planned to take place in next month an as a lured program to propel SOTETEL. The deception was more acute inside the new shares tumbling by more than 8 percent in the ever day limit reached on Tuesday to fall back to TND 179 from TND 195. Friday, common shares edged lower 1.96 percent and new equity came off 2.67 percent calming down precedent volatility. This correction was exacerbated by uncertainty over the future of the company that the H1 figures failed to clarify. Estimating the prospective earnings is the key issue for a stock analysts consider as expensive in terms of historical earnings. Based on 1999 figures, it is valued at 4.9 times revenues and 19.5 times Ebitda.
TLEASING, which incurred lackluster period, recovered in last sessions up 2.97 percent on Friday to cumulate a weekly gain of 3.56 percent. Shares in TL, the leasing leader, particularly appreciated for proved resilience has once again outperformed the financial index, which was up by only 0.05 percent this week.
The mood in Banking remained better ahead of further releases. UBCI set to undergo a capital lift put on 1.65 percent whereas BS and BTEI were up 1.58 percent and 1.52 percent respectively. BH lost momentum in the wake of lower-than-expected interim results and BIAT, one of the most heavily traded, slightly fell below its last Friday's level by 0.37 percent on the back of a block deal of 25,000 Thursday. BNDT has been the other sector focus as the planned merger with STB and BDET has forced positions adjustments sending the turnover in shares to TND 0.6 million.
Trading volumes were higher in SFBT and SOTETEL amid acceleration in profit taking moves. Both recorded soaring trades of TND 6.2 million and TND 3.5 million respectively. BIAT and BNDT were on the top list of the bourse big movers whereas STB activity faded a lot on week earlier. Over the official cote, the trading totaled TND 15.3 million. — ( TUSTEX)
© 2000 Mena Report (www.menareport.com)