Tunisia’s stock market (TUNINDEX) has experienced impressive growth in 2025, offering attractive valuations and strong dividend potential for investors. With a P/E ratio around 9.9x and year-to-date gains nearing 20%, the market is increasingly appealing to long-term and dividend-focused investors. This article explores how to access the Tunisian stock market via local brokers or SICAVs (funds), highlights key sectors such as finance and personal care, and outlines the opportunities and risks in this emerging market. Ideal for those seeking diversification or entry into North African equity, Tunisia’s exchange is small but full of potential.

📈 Market Overview: TUNINDEX Performance & Valuation

• The Tunis Stock Exchange (TUNINDEX) has shown solid momentum: up +10.25 % in Q1 2025, +6.77 % YTD by end-February, and +12.8 % by early May

• As of July 4, 2025, TUNINDEX reached 11,612 points, marking a +19.3 % annual gain .

• Tunisia’s P/E ratio stands around ~9.9x (March 2025), below global averages—indicating relatively attractive valuations.

🌍 Macroeconomic & Market Context

• Tunisia’s GDP grew 2.4 % YoY in Q1 2025—higher than expected—boosting investor sentiment.

• Stock market capitalization is projected at US $8.4 bn in 2025, with trading volumes of ~US $1.2 bn.

• The Tunisian economy is driven primarily by services (68 %), with some growth in industry and financial reforms.

🔍 How to Access the Market

1. Via Local Brokers

• You must use a licensed broker (e.g., Tunisie Valeurs, MAC SA, Attijari Intermédiation) to open an account and trade.

• Initial deposit requirements range from TND 50–500+ depending on the broker.

• Expect commissions and fees: standard buy/sell ~1% each, plus annual fees (~TND 40)—eating into returns on smaller investments.

2. Through Funds (SICAVs/Mutual Funds)

• Popular among Tunisians: SICAVs (open-ended funds) managed by banks/brokers (e.g., BIAT, Tunisie Valeurs).

• Provide diversification and professional management; typical returns ~5–7% annually .

🧠 Risks & Considerations

• Limited market size: small number of listings (~50–74), low liquidity, potential for volatility .

• Concentration risk: Banks constitute ~50% of TUNINDEX 

• Insider activity: Frequent mentions of alleged manipulation and insider trading .

• Costs on small portfolios: High fixed broker fees can erode gains; better suited for medium-to-large investments 

💡 Strategies & Investment Ideas

Long-term Dividend Focus

• Many Tunisian listed firms offer ~3%+ dividend yields 

• Dividend-oriented, low-turnover investing suits the market’s structure.

Sector Picks

• Finance: Top weighted and poised to benefit from economic upswing.

• Basic materials & personal care: Strong Q1 returns (~+15–17%) .

• Infrastructure and energy: Consider dynamic sectors, though some construction names have lagged .

Fund Exposure

• For smaller portfolios or beginners, investing via SICAVs can provide cushioning against market structural issues

🛠️ Step-by-Step to Get Started

1. Choose a local broker and inquire about minimums & fees.

2. Decide: direct stock portfolio vs fund (SICAV).

3. Open account—may require in-person documentation.

4. Fund your account and select assets (banks, personal care, indices via funds).

5. Monitor performance and reinvest dividends or evaluate actively.

Reddit Insights from Local Investors

“You need a middleman … I started with 2 k…take company names from BVMT and analyse their charts” 
“Do not, if you are lucky … return of 5–8 % at best … fees leave you with less than initial capital”

📊 Key Data at a Glance

• TUNINDEX: ~11,612 pts (+19.3% YoY) 

• P/E ratio: ~9.9x (Mar 2025) 

• Market cap: ~US $8.4 bn

• Q1 growth: +10.25%

✅ Final Take

Investing in Tunisia offers attractive valuations, strong recent index performance, and dividend income potential—especially for mid- to long-term-oriented investors.

However, risks include low liquidity, broker fees, market opacity, and structural concentration. Beginners or small investors should consider SICAVs, while others with concerted effort can build dividend-focused portfolios through brokers.