Turmoil on the Tunisian market

Published September 29th, 2000 - 02:00 GMT

Turmoil hit the Tunisian market this week pushing all indexes lower at their August's lowest levels. Official TUNINDEX tumbled steeply 30 points whereas SMART index fell below the 900 points mark losing 2.06 percent amid industrials and services harsh corrections by the end of the week, down by 2.82 percent and 4.7 percent respectively in wide bear markets. 


Leading stocks on the continuous system have strongly suffered from the profit taking moves. SOTETEL under performed by 9.84 percent while SFBT came off 3.64 percent. The sentiment been shacked in SOTETEL, prompted selling pressures overall the market. Investors disgruntled with the company’s right issue postponement, wound up positions while weak demand failed to fill the gap. An anxious mood set in by Thursday around both bonus shares which made a strong loss of 5.06 percent and the common ones falling 4.07 percent a day after. Therefore, the weekend looks to be more emotional for many participants who awaited a bounce back. 


SFBT somewhat sheltered in the course of the week failed in last session to keep on so resilient falling down to TND 177.2. Prices have hovered along between 183 and TND 184 to be shored up though pointlessly as pressure proved finally sturdy triggering broad profits taking. 


The Banking sector was the least hit. Several stocks shrug off the turmoil such as UIB and BNDT adding 1.59 percent and 1.21 percent while STB well traded scraped through with 1 percent. On the other hand, BH, which showed sharp movements in the wake of the recent wide foreign selling, pushed higher in early session up to TND 12.350 before ending off 2.75 percent at Friday closes. BIAT, recently bullish, also lost recent gains giving up 2.87 percent. Slides in banking are mainly technical. 


SITEX, the rare positive feature of the bourse in last sessions, soared 15.6 percent at TND 10.450. The share bucked the sluggishness on confident predictions of further improvement in the company profile amid textile sector’s expected growth. 


TUNISAIR heavily sold on Friday (19,616) shed 2.96 percent to slip back to a three-year low of TND 16.4 Friday. Investors are keeping away from the shares as analysts expressed concerns that the company will fall short of its forecasts. Also, it seems to be long for the company H1 reports to file in; this has more exasperated the market and revived uncertainty. 


More animation over the bourse meant that effectively something was happening on the block compartment; BH stood very active with two very busy sessions on Monday and Wednesday recording 195,605 and 101,777 shares of which 115,000 were dealt under block forms. BH and SFBT topped the fast-movers list with more than TND 4 million each. STB picked up by some hunters and TUNISAIR oversold this week got up to TND 0.93 million and TND 0.74 million respectively. Overall, the traded volume climbed to the last month average at around TND 16 million. — ( TUSTEX

© 2000 Mena Report (www.menareport.com)

You may also like