Temporary Suspension of Trading on the Tunis Stock Exchange: A Normal Market Correction
The temporary suspension of trading on the Tunis Stock Exchange after the Tunindex fell by more than 3% should not be interpreted as a sign of crisis, but rather as a normal market correction. This is the analysis of Talel Ayed, General Manager of MCP, who believes that this movement even offers buying opportunities for some investors.
A Normal Correction After a Long Period of Growth
According to him, the Tunisian market is coming out of a long period of strong growth. "In a year and a half, the Stock Exchange has gained nearly 100%. This year, the yield was around 30% before reaching nearly 60%. It is therefore normal for investors to take their profits," he explains. He recalls that this period also coincides with the publication of the financial results of listed companies and the payment of dividends, events that often lead to price adjustments.
The Suspension of Trading: An Automatic Mechanism
Regarding the suspension of trading, Talel Ayed emphasizes that it is not a decision made by the Stock Exchange. The mechanism is provided for by the Trading Rules: as soon as the Tunindex falls by more than 3% during a session, trading is automatically interrupted for an hour. If the decline then reaches 5%, the session is suspended. "It's not a human intervention. The trigger is entirely automatic and provided for by the regulations," he specifies.
No Link Between the Market Decline and the Publication of the Treasury Bond Arrangement
The General Manager of MCP also rules out the link established by some between the market decline and the publication in the Official Journal of the arrangement relating to Treasury bonds. According to him, this information was not new since the amount of 20 billion dinars was already planned in the finance law. The arrangement only sets out the modalities for its implementation.
A Normal Market Evolution
For Talel Ayed, the market evolution shows that it was not a panic movement. He recalls that after the resumption of trading, the decline was reduced and the next session opened higher. Volumes also remained important, with more than 30 million dinars traded in less than two hours. "If there was a real crisis, there would be no more buyers and the securities would fall sharply. This is not the case," he affirms.
An Opportunity for Investors
On the contrary, he considers that this correction can represent an opportunity for investors. Certain actions, particularly in the banking sector, have fallen by several dinars compared to their recent levels while continuing to record significant transaction volumes. "For those who were unable to buy when the prices were higher, this is an opportunity to enter at lower prices," he estimates.
A Call to Rely on Official Sources
Finally, Talel Ayed invites investors to refer to the information published by official sources, in particular the Tunis Stock Exchange and the Financial Market Council, rather than the rumors circulating on social networks.
