A sharp divergence defined trading on the Tunis Stock Exchange today, Tuesday, July 28, 2026: while the TUNINDEX fell 3.47% to 19,739.81 points, Office Plast rose 1.8% to 1.73 TND, making it one of just 8 gainers in a market where 40 stocks declined. The immediate trigger was company-specific: the market published the prospectus for Office Plast SA’s capital increase on July 28, according to official exchange announcements.
On a market where CMF-driven disclosures often shape short-term price action, that kind of filing matters. In the middle of a broad Tunisia stock market selloff, Office Plast held up not because risk disappeared, but because a capital increase changes the investment debate: it raises questions about balance-sheet repair, funding capacity and whether management is trying to position the company for a more stable operating phase.
Key figures
- TUNINDEX: -3.47% at 19,739.81
- Office Plast: +1.8% at 1.73 TND
- 8 gainers / 40 losers / 27 unchanged
- Banking Index: -4.75%
- USD/TND: +2.75% at 2.956
Market context: banks drove the selloff
The broader Tunisia market recap was dominated by financials. The TUNINDEX20 dropped 3.69% to 8,684.95 points, while the Financial Companies Index lost 4.40% to 16,051.91. Most importantly, the Banking Index slid 4.75% to 14,811.36, a move large enough to drag the headline index lower given banks’ heavy weight in the BVMT.
Market breadth confirmed the scale of the pressure: 8 stocks rose, 40 fell and 27 were unchanged out of 75 listed names. Among the steepest declines were TPR, down 4.0% to 13.92 TND, UNIMED, down 4.2% to 10.2 TND, and TELNET HOLDING, down 4.8% to 13.0 TND. Several major banks also sold off heavily, including BIAT at -5.8%, UIB at -5.9%, BH at -5.9%, STB at -6.0%, BNA at -6.0% and Attijari Bank at -6.0%.
Global macro helps explain why the selloff was so broad. Tunisia is a net energy importer, so the 4.2% daily drop in Brent to $84.64 a barrel and the 15.9% weekly decline should, in theory, ease pressure on the trade balance and subsidy bill. But equity investors focused on the other side of the equation: currency stress. The U.S. dollar rose 2.75% against the dinar to 2.956, while the euro gained 2.73% to 3.3632 TND. For Tunisian companies importing raw materials, machinery or packaging inputs, a weaker dinar can quickly offset the benefit of lower oil prices by squeezing margins and raising working-capital needs.
Office Plast: why the filing supported the stock
That is what makes Office Plast’s move stand out. The stock gained 1.8% to 1.73 TND, matching the rise in ICF, which closed at 148.5 TND, but with a more meaningful corporate angle. According to the official notice released on July 28, 2026, the company filed the prospectus related to its capital increase. On the BVMT, such filings are rarely treated as routine paperwork; they signal that a financing operation is moving into a more concrete phase, with formal disclosure for shareholders and prospective participants.
Why would the market welcome that in a falling tape, when capital increases can be dilutive? Because in the current environment, investors appear to be prioritising balance-sheet resilience over short-term dilution risk. A company that raises equity can strengthen its capital base, reduce dependence on bank borrowing and secure funding for operations or investment. In a market where banks themselves were under heavy pressure and financing conditions remain tight, that can be interpreted as a stabilising step rather than a negative surprise.
The signal is even more notable because industrial names were not spared elsewhere. The Industrials Index fell 1.75% to 2,512.14, while the Household & Personal Goods Index dropped 1.52% to 3,540.32. In other words, Office Plast did not just outperform the headline market; it also outperformed several sector baskets. For any Tunis stock exchange news reader, that matters because it shows the stock traded on its own corporate story rather than as a simple proxy for Tunisia risk.
Still, the move needs to be read carefully. A 1.8% gain in a weak session does not by itself prove that the capital increase will create value. The market will need the full terms of the transaction: the size of the raise, the subscription conditions, the pricing framework, the timetable and the intended use of proceeds. Those details will determine whether the operation is seen as defensive recapitalisation, growth funding or a mix of both.
Other stories: TPR earnings and limited defensive shelter
Official announcements also included TPR’s second-quarter 2026 results, as well as SIMPAR and Atelier du Meuble Intérieurs for Q2 2026. Yet TPR was not rewarded by the market: the stock fell 4.0% to 13.92 TND, suggesting the earnings release was not enough to offset risk aversion toward cyclical and industrial names. With USD/TND at 2.956, companies exposed to imported inputs remain especially vulnerable to foreign-exchange pressure.
Defensive pockets held up better, though not enough to reverse the broader decline. SFBT rose 0.7% to 15.15 TND, while Tunis Re added 0.1% to 13.72 TND and Assurances Maghrebia edged up 0.1% to 88.51 TND. The Food & Beverage Index slipped only 1.03% to 19,199.9, less than the wider market, reflecting relative demand for visible cash flows. By contrast, the Basic Materials Index fell 2.17% to 9,037.46, even though it remains up 33.01% year to date.
This session also fits a pattern already seen on the exchange: individual stocks can rally on company-specific news even when the benchmark is falling. That was also the case in our earlier coverage, Bourse de Tunis — Cellcom grimpe de 4% malgré un TUNINDEX en repli de 1,90%, underlining how stock selection remains critical on a market with relatively limited analyst coverage.