The Tunis indexes ended at all time highs in spite of flagging mood, both weighted TUNINDEX and SMART indexes finished higher 0.4 percent whereas acceleration in all sectors declined sharply apart from financials more poised to swing higher. TUNISAIR and SIAME, the two blue chips more damaged in preceding sessions have revived this week.
TAIR, the leading national airline, after staying under cloud has edged 3.24 percent higher on news that the company is considering cross-border tie-up with Moroccan airline, RAM. Investors who looked dubious about the company's shorter outlook resumed buying orders as promptly as hopes on imminent revival emerged on the debuts. The shares being hurt by a certain let up in the last few weeks leading prices to annual lows at TND 16.520. Trading volume doubled from two-week average level to reach TND 0.77 million following a busy Monday session with some 20,000 shares traded on the floor.
The second performer, SIAME, rebounded 3.23 percent reaching a 5-session high of TND 63 Wednesday before closing lower at TND 62 while still even active week over week. The shares grew nervous amid erratic markets but succeeded to restore needed shine during the next sessions.
SFBT went higher 1 percent but traded in narrowed range at around TND 180 along the week. Tuesday, the prices in SFBT ran up 2.33 percent paving the way to a round of profits taking. In the rest of the week, demand was heavy but prices tried vainly to follow ending a little changed at TND 180.5 up 0.22 percent on Friday. The volume effect is securing the vigor inside the share. Despite mere "hold" ratings attributed by major brokers coupled with profits alerts, acquisitions went increasingly in face to strengthen the general sentiment.
SOTETEL came off 1.36 percent in what looks to be its worst week since a good while. The prices were stuck at TND 211 in old shares during a three-day period. The lastly issued were in more trouble ending 1.17 percent lower showing thus to be more volatile; after strong gains, trading volume were seen declining dramatically on worries over trend sustainability. The week has weakened credibility in upbeat prognosis suggesting stretching gains to come. Hopefully, Services rose 0.93 percent, as there was more support from TAIR bucking the SOTETEL and BATAM bearish trend. BATAM, also, fell back 10.5 percent paring down recent gains as the approval to PROFURN’s participation may still take some time.
Financials were mixed as banks rose and leasing fell. Banks showed upwards leaning to be led higher mostly by development banks and STB. The sector gained ground to trade in positive territory after gloomy period, the rises accounted 0.10 percent. STB, the best performers of the sector, climb back at levels last seen in debut July. The share put on 2.49 percent closing at TND 11.1 just below the Friday’s low of TND 11.2, as the bank put out an impressive first-half net income worth TND 27.9 million, or the triple the 1999's figures. Trading in STB was heavy during Tuesday and Friday sessions when shares traded more than TND 0.6 million over the week to stand out a 10-week high level.
Also seeing big volumes were shares of UBCI averaging 2930 traded shares a day against 940 last week. TAIR revival bolstered demand over the stock that ranked third this week in terms of liquidity, as more than 44,000 shares were dealt. Elsewhere, SFBT remains the most active with TND 6.45 million approaching its highest of the week to 4 February. Less resilient, the others equities still sidelined. . — ( TUSTEX )
© 2000 Mena Report (www.menareport.com )