The last week ending first half 2000 has seen the Tunis equities edging lower on awaited readjustments portfolio; Some anxiousness was perceivable on the investors’ front about next week’s shift of twelve stock from the fixing mode to the continuous quotation. Psychologically, it takes some time to investors to adapt to this trading mode although it should improve liquidity. The SMART composite index came off 0,52% as the services and SFBT back-pedalled in last sessions. On the back, the underlying indexed slid 1.12% and 0.85% respectively with industrials most affected since last week out-performance. Among the industrials, the heavyweight SFBT dipped 0.55% whereas SIAME slumped by 7.15%. Both shares suffered from a downturn in liquidity with a ten-week low volume of TND 2.8 m for SFBT and TND 0.9 m for SIAME much lower as well. The weekend effects hung over the market pulling the share price down from Wednesday when the stock hit a session high of 147.3 before slipping back to TND 144.4. Arbitrage over the SOTETEL two quoted lines rocked the final trend though firmly bullish at the outset. The common shares, which belong to the group to be up-shifted, came off 2.78% to end at TND 137.4. In keeping track, the new shares came under pressure shedding TND 10 in three trading sessions. At Friday’s closing, these shares fell by 5.11% far exceeding even authorised limits of 4.5%. In the meantime, arbitrageurs facing increasing concerns have forced position adjustments pulling down prices to Monday’s levels. In the leasing sector, only TUNISIE LEASING has escaped the sluggishness by making a significant 5.08% advance in the aftermath of Friday's big rise of 2.9%, up to TND 41.8. The retail investors shrugging off the tax probes resumed their purchases. This is due to TL's sound fundamentals and to some market factors such as its big free float of 65% compared to minor 20% and 30% in other cases. TL regular daily rotation played when the stock is on the dips securing a wide hunting bargain giving a recurrent boost to the trend. The other heavy traded stock of the sector, GL, tumbled steeply by 4.6% amid similar tax probes tergiversation. ATL although being damped by traders went down 5.31%. At the end of the week, these both shares hit their 7-month low at TND 28.2 and TND 34.460 respectively. Oppositely to TL, these ones offered a cramped free float making them individually more sensitive to market swings. The trade was particularly heavy amid an exceptional big move in MONOPRIX over which MABROUK group acquired Friday a block of 315,785 shares worth a bit more than TND 9 m. The stake represents nearly 17% of the company capital and led the share topping biggest movers. The trading volume hit a four-month high of TND 26.25 m. However, SFBT moved through subdued activity to rank third biggest mover with TND 2.8 m so outrun by SOTETEL (TND 2.96m). TUNISAIR has experienced intense activity when prices becoming more attractive came below the TND 19.4 mark on Thursday, a 10,000 block was then sold off. The share volume was boosted worth threefold the last record at TND 1.1 m.
© 2000 Mena Report (www.menareport.com)
