{"id":140925,"date":"2026-07-17T11:51:19","date_gmt":"2026-07-17T09:51:19","guid":{"rendered":"https:\/\/lexpertjournal.net\/fr\/?p=140925"},"modified":"2026-07-17T11:51:19","modified_gmt":"2026-07-17T09:51:19","slug":"tunindex-a-plus-de-21-000-points-le-cercle-vertueux-ou-le-cercle-vicieux-de-la-finance","status":"publish","type":"post","link":"https:\/\/lexpertjournal.net\/fr\/?p=140925","title":{"rendered":"Tunindex \u00e0 plus de 21 000 points : le cercle vertueux\u2026 ou le cercle vicieux de la finance ?"},"content":{"rendered":"
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Le Tunindex franchit un nouveau cap historique en d\u00e9passant les 21 000 points. Une performance salu\u00e9e par les investisseurs et pr\u00e9sent\u00e9e comme le signe d’une Bourse tunisienne en pleine sant\u00e9. Mais derri\u00e8re l’euphorie des chiffres se cache une question de fond : cette envol\u00e9e refl\u00e8te-t-elle r\u00e9ellement la vigueur de l’\u00e9conomie nationale ou traduit-elle essentiellement la puissance du secteur financier ? Depuis plusieurs mois, ce sont les banques, les compagnies d’assurance et les soci\u00e9t\u00e9s financi\u00e8res qui tirent la cote vers le haut. Leurs r\u00e9sultats records alimentent la hausse de leurs actions, lesquelles repr\u00e9sentent une part importante de la capitalisation boursi\u00e8re. Le m\u00e9canisme est connu. Les \u00e9tablissements financiers r\u00e9alisent des b\u00e9n\u00e9fices \u00e9lev\u00e9s, distribuent des dividendes attractifs et attirent les investisseurs. Dans le m\u00eame temps, ces m\u00eames institutions interviennent sur le march\u00e9, directement ou \u00e0 travers leurs filiales, leurs SICAV ou leurs fonds d’investissement. Elles contribuent ainsi \u00e0 soutenir les cours… qui renforcent \u00e0 leur tour la valeur de leurs portefeuilles.<\/div>\n
Une boucle qui s’autoalimente. Ce cercle peut \u00eatre vertueux lorsqu’il finance l’\u00e9conomie r\u00e9elle et favorise l’investissement productif. Mais il peut aussi devenir un cercle vicieux si la cr\u00e9ation de richesse reste concentr\u00e9e dans le secteur financier, tandis que l’industrie, l’agriculture, les exportations ou les PME peinent \u00e0 suivre le m\u00eame rythme. Une Bourse en hausse n’est pas toujours le miroir fid\u00e8le de l’\u00e9conomie. Lorsque les performances sont essentiellement port\u00e9es par les \u00e9tablissements financiers, le risque est de voir se creuser l’\u00e9cart entre la valorisation des actifs financiers et la r\u00e9alit\u00e9 du tissu \u00e9conomique. Le v\u00e9ritable d\u00e9fi pour la place financi\u00e8re de Tunis n’est donc pas seulement de battre des records boursiers.<\/div>\n
Il est de faire en sorte que cette dynamique b\u00e9n\u00e9ficie \u00e0 l’ensemble de l’\u00e9conomie, en favorisant l’introduction de nouvelles entreprises, la diversification sectorielle et le financement de projets cr\u00e9ateurs de valeur. Le franchissement des 21 000 points constitue sans doute une bonne nouvelle. Mais la v\u00e9ritable question demeure : assistons-nous \u00e0 la victoire de l’\u00e9conomie tunisienne… ou simplement \u00e0 celle de son secteur financier ?<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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Le Tunindex franchit un nouveau cap historique en d\u00e9passant les 21 000 points. Une performance salu\u00e9e par les investisseurs et pr\u00e9sent\u00e9e comme le signe d’une Bourse tunisienne en pleine sant\u00e9. Mais derri\u00e8re l’euphorie des chiffres se cache une question de fond : cette envol\u00e9e refl\u00e8te-t-elle r\u00e9ellement la vigueur de l’\u00e9conomie nationale ou traduit-elle essentiellement la […]<\/p>\n","protected":false},"author":2,"featured_media":140926,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":["post-140925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economie"],"yoast_head":"\nTunindex \u00e0 plus de 21 000 points : le cercle vertueux\u2026 ou le cercle vicieux de la finance ? - L'expert Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lexpertjournal.net\/fr\/?p=140925\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tunindex \u00e0 plus de 21 000 points : le cercle vertueux\u2026 ou le cercle vicieux de la finance ?\" \/>\n<meta property=\"og:description\" content=\"Le Tunindex franchit un nouveau cap historique en d\u00e9passant les 21 000 points. 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Mais derri\u00e8re l’euphorie des chiffres se cache une question de fond : cette envol\u00e9e refl\u00e8te-t-elle r\u00e9ellement la vigueur de l’\u00e9conomie nationale ou traduit-elle essentiellement la […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lexpertjournal.net\/fr\/?p=140925\" \/>\n<meta property=\"og:site_name\" content=\"L'expert Journal\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Samya.Ayari.tn\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-17T09:51:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2026\/07\/images-11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"678\" \/>\n\t<meta property=\"og:image:height\" content=\"452\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lexpert\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lexpert\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925#article\",\"isPartOf\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925\"},\"author\":{\"name\":\"Lexpert\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/#\/schema\/person\/65d2c89a6ae700ca94d3873874b3ae31\"},\"headline\":\"Tunindex \u00e0 plus de 21 000 points : le cercle vertueux\u2026 ou le cercle vicieux de la finance ?\",\"datePublished\":\"2026-07-17T09:51:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925\"},\"wordCount\":374,\"publisher\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/#organization\"},\"image\":{\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925#primaryimage\"},\"thumbnailUrl\":\"https:\/\/lexpertjournal.net\/fr\/wp-content\/uploads\/2026\/07\/images-11.jpg\",\"articleSection\":[\"Economie\"],\"inLanguage\":\"fr-FR\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925\",\"url\":\"https:\/\/lexpertjournal.net\/fr\/?p=140925\",\"name\":\"Tunindex \u00e0 plus de 21 000 points : le cercle vertueux\u2026 ou le cercle vicieux de la finance ? 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