As the Tunis Stock Exchange index keeps breaking records, the real performance hinges not on buying but on the method
On July 10, 2026, the Tunindex rose above for the first time in its history the 20,000-point threshold, pushing its gain since the start of the year to nearly 50%. A rare surge, following an already exceptional 2025, characterized by a 35.1% jump in the benchmark index.
But behind these flattering figures lies a tight, illiquid market that is sensitive to movements of a few stocks. Optimizing a portfolio on the Tunis Stock Exchange therefore requires a method, not just enthusiasm. Here are the practices recommended by market professionals.
A euphoric market, but to be read with discernment
The upward movement of the Tunis Stock Exchange is not the result of a mere trend. It rests on a macroeconomic context that is gradually improving. Since March 2025, the Central Bank of Tunisia has begun a cycle of monetary easing, bringing its policy rate down to 7% by the end of the year, a level that was maintained at its February 11, 2026 meeting in a setting where inflation had dropped to 4.8%, its lowest level in six years. This easing of rates has systematically redirected part of the savings toward listed equities, due to a lack of sufficiently rewarding investment alternatives.
The upgrade of Tunisia’s sovereign rating by Fitch Ratings, from CCC+ to B- with a stable outlook, has also strengthened local investors’ confidence. The agency, however, emphasizes that this stability remains primarily technical, based on tight management of foreign exchange reserves, and it does not erase the institutional risks weighing on the attractiveness of the country for foreign capital.
In the first quarter of 2026, the Tunindex had already advanced 14.2%, driven by eleven of the twelve sector indices, with consumer services and the agrifood sector leading, while the household goods and personal care sector lagged behind.
What this means for a portfolio holder
