Tunis/Tunisia — The market capitalisation amounted to 23,724 million dinars (MD), or 22.5% of GDP in 2019, according to the annual report of the Financial Market Council (CMF) for 2019.
The financial market's contribution rate to the financing of private investments (9.1%) in 2019 has increased remarkably compared to 2018 (6.6%), reveals the report submitted on Wednesday by CMF President Salah Essayel to President Kais Saied.
"This increase is explained by the noteworthy rise in the global volume of issues carried out in 2019, to 1,524.3 MD, against 1,023.5 MD in 2018."
The foreign participation in the market capitalisation remained stable at 24.73% against 24.90% in 2018. "This indicates the confidence of foreign investors in the fundamentals of the Tunisian financial market, notwithstanding a difficult global economic context."
The venture capital sector "consolidated the good results of 2018, with the achievement of 158 projects for a total value of 430.2 MD, 63.3% of which concerned companies employing less than 20 agents. This shows the importance of the venture capital sector in strengthening the equity capital of SMEs and job creation, particularly at the regional level," the CMF points out.
The report presented the CMF's achievements in enhancing financial transparency and market integrity. "As a result of the CMF's monitoring activities, in 2019 the proportion of listed companies that met the legal deadline for submitting their financial statements stabilised at 84%.
Likewise, "the rate of listed companies having respected the legal deadline for the publication of their interim financial statements increased in 2019, reaching 73%, compared to 72% in 2018."
In addition, "four investigations and six complaints were conducted during 2019, in order to provide investors with adequate protection to reinforce their confidence in the financial market and its structures."
In 2019, "the number of companies admitted to listing on the stock exchange reached 81 companies, 68 of which are listed on the main market and 13 on the alternative market of the stock exchange dedicated mainly to SMEs."