Tunisian stock exchange falls after President Kais Saied's 'coup'

Tunisian stock exchange falls after President Kais Saied's 'coup'
The Tunis Stock Exchange's value was down over 1.09 percent on Monday after political turmoil triggered by the Tunisian president's dissolving of parliament.
2 min read
26 July, 2021
The Tunis Stock Exchange has fallen on Monday after the nation's latest political turmoil [Carl Court/Getty]

The Tunis Stock Exchange and its TUNINDEX market index fell on Monday, after President Kais Saied shocked the region on Sunday by suspending parliament.

The president's suspension of parliament and removal of Prime Minister Hichem Mechichi has been slammed by many as a "coup", causing a ripple in the market.

The value of the Tunis Stock Exchange, known primarily by its French name "Bourse de Tunis", was down over 1.09 percent on Monday prior to the end of the day's trading, The New Arab's Arabic-language sister service, Al-Araby Al-Jadeed reported.

Stock market expert Talal Ayyad told Al-Araby Al-Jadeed: "This decline is expected, and the Tunis Stock Exchange has known similar declines during all that the country has gone through."

While the value of 31 companies listed on the exchange fell, just six saw their worth increase, with 11 remaining stable.

Al-Araby Al-Jadeed's stock market expert noted that both political and economic uncertainty still abound.

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Ayyad explained that the financial market reflects general political trends.

"The investment climate basically needs political reassurances to ensure the stability of the flow of money and its movements within the stock exchange," Ayyed said.

It could take days or even months for trading to return to normal, he added.

The Tunis exchange has faced months-long difficulties given the political imbalance and coronavirus pandemic.

Tunisia has been particularly badly struck by Covid-19, with next-door Algeria, China, and the UAE having given 1.25 million vaccine doses to the country.