Direct Answer
The TUNINDEX is a rule-based measurement of all companies listed on the Tunis Stock Exchange weighted by market capitalisation, maintained by Bourse de Tunis. Like every index it owns nothing: it is a number produced by applying a published weighting formula to a selected list of companies, revised on a schedule the provider sets.
What this index covers
The TUNINDEX covers all companies listed on the Tunis Stock Exchange weighted by market capitalisation, within the Tunisia market. Bourse de Tunis defines which securities are eligible, how they are selected from that pool, and how much each one contributes to the published number.
The index name does not state a fixed company count, so the number of constituents follows the eligibility rules rather than a target.
How constituents are weighted
Weighted by free float market capitalisation, with any value capped at 15% of the index free float capitalisation through a capping factor. Float excludes treasury shares, state holdings, founders, concert parties and insiders, controlling blocks and stable holdings above 5%. The index is of return type, with dividends reinvested.
The weighting method is the single biggest driver of how an index behaves. Two indexes covering the same market can diverge for years purely because they weight differently, which is why comparing index levels without knowing the method tells you very little.
What qualifies for inclusion
Shares on the main equity market that have been listed for more than one month, using only the most active quotation line per issuer. A stock moved to the S compartment, or suspended for more than two months, is removed from the sample.
Eligibility rules are the part of an index most readers never look at and the part that decides what it can possibly measure. A screen that excludes a whole sector, or admits only one listing venue, shapes the result far more than any day of trading does.
How long a listing must exist first
A security must have traded for more than one month from the start of negotiations before it joins the sample.
A seasoning rule is why a large new listing does not appear in an index the week it starts trading. It is a deliberate lag, and it means an index can under-represent a fast-growing part of the market for months at a time.
When the membership is revised
Composition is reviewed quarterly in December, March, June and September, effective the first business day of January, April, July and October. Float and capping factors are updated once a year, effective the first business day of January.
Reconstitution is the one date an index changes shape by design rather than by price. Funds tracking it have to trade toward the new membership, which is why the schedule matters to anyone holding the tracker rather than only to the provider.
The rule that surprises people
Float is rounded up to the next 10% step, except that a computed float within one point above a step, such as 10% to 11%, stays at that step.
References
- Bourse de Tunis: Bourse de Tunis Guide des indices boursiers, as published 2023. Every rule described on this page is taken from this document.
Current TUNINDEX constituents
Bourse de Tunis publishes and licenses the TUNINDEX constituent list. Swoopr does not republish it here. The provider's own page is the authoritative source for current membership and weights.
Related reading
- All stock market indexes: how indexes are built, weighted and revised.
- Emerging Markets indexes: others covering the same region.
- Index concentration: measuring how much of an index sits in its largest holdings.
- Index rebalancing and inclusion effects: what happens to a stock when index membership changes.
Frequently Asked Questions
Who maintains the TUNINDEX?
Bourse de Tunis maintains the TUNINDEX and publishes the methodology document that defines its eligibility and weighting rules.
What does the TUNINDEX measure?
It measures all companies listed on the Tunis Stock Exchange weighted by market capitalisation. The index is a calculated number applying a weighting formula to a selected list of companies, and it holds nothing itself.
Where can I see the current TUNINDEX constituents?
Bourse de Tunis publishes the current constituent list. Swoopr does not republish it, because index providers license constituent data and Swoopr holds no such licence.