{"id":68543,"date":"2026-02-26T01:25:05","date_gmt":"2026-02-26T00:25:05","guid":{"rendered":"https:\/\/plumeseconomiques.com\/fr\/?p=68543"},"modified":"2026-02-26T01:25:05","modified_gmt":"2026-02-26T00:25:05","slug":"les-tunisiens-et-la-bourse-un-marche-qui-bloque","status":"publish","type":"post","link":"https:\/\/plumeseconomiques.com\/fr\/finance\/les-tunisiens-et-la-bourse-un-marche-qui-bloque\/","title":{"rendered":"Les Tunisiens et la Bourse : un march\u00e9 qui bloque\u202f"},"content":{"rendered":"<p><strong>Les Tunisiens et la Bourse : un march\u00e9 qui bloque\u202f<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><strong>25 000 actionnaires actifs.<\/strong><\/span><br \/>\n<span style=\"color: #000000;\"><strong>12 millions d\u2019habitants.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Le ratio est brutal.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">En Tunisie, moins de <strong>0,2 % de la population<\/strong> d\u00e9tient directement des actions cot\u00e9es \u00e0 la Bourse de Tunis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00c0 titre de comparaison :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Bourse de Casablanca : environ <strong>150 000 investisseurs individuels<\/strong> pour 37 millions d\u2019habitants<\/span><\/li>\n<li><span style=\"color: #000000;\">Egyptian Exchange : plus de <strong>3 millions de comptes titres ouverts<\/strong> pour 110 millions d\u2019habitants<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pourquoi un tel \u00e9cart ?<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Ce n\u2019est pas qu\u2019une question de revenu.<\/span><br \/>\n<span style=\"color: #000000;\">C\u2019est un m\u00e9lange de culture, de confiance et de structure de march\u00e9.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00c9tat des lieux : la Bourse de Tunis en chiffres<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Quelques donn\u00e9es cl\u00e9s :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Environ <strong>80 soci\u00e9t\u00e9s cot\u00e9es<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\">Capitalisation globale : autour de <strong>25 \u00e0 30 milliards de dinars tunisiens<\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\">Poids domin\u00e9 par :<\/span>\n<ul>\n<li><span style=\"color: #000000;\">banques<\/span><\/li>\n<li><span style=\"color: #000000;\">assurance<\/span><\/li>\n<li><span style=\"color: #000000;\">agroalimentaire<\/span><\/li>\n<\/ul>\n<\/li>\n<li><span style=\"color: #000000;\">Volume quotidien moyen relativement faible compar\u00e9 aux march\u00e9s r\u00e9gionaux<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Probl\u00e8me central :<\/span><br \/>\n<span style=\"color: #000000;\"><strong>march\u00e9 \u00e9troit + faible liquidit\u00e9 + concentration sectorielle.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pour beaucoup, la Bourse en Tunisie semble r\u00e9serv\u00e9e \u00e0 une \u00e9lite.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00a0Frein n\u00b01 : le facteur psychologique<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La m\u00e9moire collective joue un r\u00f4le \u00e9norme.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\">1. Peur de la perte<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La majorit\u00e9 des Tunisiens associe :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Bourse = sp\u00e9culation<\/span><\/li>\n<li><span style=\"color: #000000;\">Bourse = risque<\/span><\/li>\n<li><span style=\"color: #000000;\">Bourse = perte rapide<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Peu distinguent investissement long terme et trading court terme.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\">2. Traumatisme \u00e9conomique post-2011<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Apr\u00e8s la r\u00e9volution de 2011 :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">instabilit\u00e9 politique<\/span><\/li>\n<li><span style=\"color: #000000;\">d\u00e9gradation de la notation souveraine<\/span><\/li>\n<li><span style=\"color: #000000;\">inflation \u00e9lev\u00e9e<\/span><\/li>\n<li><span style=\"color: #000000;\">d\u00e9pr\u00e9ciation du dinar<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">R\u00e9sultat :<\/span><br \/>\n<span style=\"color: #000000;\">La priorit\u00e9 est devenue la protection du capital, pas son exposition au risque.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">Frein n\u00b02 : culture financi\u00e8re limit\u00e9e<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">L\u2019\u00e9ducation financi\u00e8re reste marginale.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Constat :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Pas de formation \u00e0 l\u2019investissement en milieu scolaire<\/span><\/li>\n<li><span style=\"color: #000000;\">Faible pr\u00e9sence de contenus p\u00e9dagogiques locaux cr\u00e9dibles<\/span><\/li>\n<li><span style=\"color: #000000;\">Confusion entre \u00e9pargne et investissement<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">L\u2019\u00e9pargne tunisienne va majoritairement vers :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Immobilier<\/span><\/li>\n<li><span style=\"color: #000000;\">D\u00e9p\u00f4ts bancaires<\/span><\/li>\n<li><span style=\"color: #000000;\">Or<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La Bourse n\u2019est pas int\u00e9gr\u00e9e dans l\u2019imaginaire collectif comme outil de cr\u00e9ation de richesse.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">Frein n\u00b03 : barri\u00e8res pratiques<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Investir en Bourse en Tunisie n\u2019est pas aussi fluide que dans d\u2019autres pays.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Contraintes :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Passage obligatoire par un interm\u00e9diaire agr\u00e9\u00e9<\/span><\/li>\n<li><span style=\"color: #000000;\">Processus parfois administratif<\/span><\/li>\n<li><span style=\"color: #000000;\">Acc\u00e8s digital encore limit\u00e9 chez certains brokers<\/span><\/li>\n<li><span style=\"color: #000000;\">Ticket d\u2019entr\u00e9e per\u00e7u comme \u00e9lev\u00e9<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00c0 l\u2019inverse, au Maroc et en \u00c9gypte :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Applications mobiles plus r\u00e9pandues<\/span><\/li>\n<li><span style=\"color: #000000;\">Campagnes de vulgarisation<\/span><\/li>\n<li><span style=\"color: #000000;\">Int\u00e9gration progressive de solutions fintech<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La Bourse de Casablanca a men\u00e9 plusieurs campagnes de d\u00e9mocratisation ces derni\u00e8res ann\u00e9es.<\/span><br \/>\n<span style=\"color: #000000;\">L\u2019Egyptian Exchange a b\u00e9n\u00e9fici\u00e9 d\u2019un afflux massif de nouveaux investisseurs apr\u00e8s 2016 avec la digitalisation et la d\u00e9valuation de la livre.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00a0Frein n\u00b04 : performance et perception<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Sur le long terme, l\u2019indice tunisien a connu :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">p\u00e9riodes de stagnation<\/span><\/li>\n<li><span style=\"color: #000000;\">volatilit\u00e9 li\u00e9e au contexte macro<\/span><\/li>\n<li><span style=\"color: #000000;\">faible profondeur sectorielle<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pour un investisseur lambda :<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Pourquoi immobiliser son argent dans un march\u00e9 per\u00e7u comme lent, alors que l\u2019immobilier semble plus concret ?<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La perception compte autant que la performance r\u00e9elle.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">&#x1f1f2;&#x1f1e6; &#x1f1ea;&#x1f1ec; Comparaison r\u00e9gionale : Maroc et \u00c9gypte<\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\">Maroc<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Bourse de Casablanca :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">March\u00e9 plus profond<\/span><\/li>\n<li><span style=\"color: #000000;\">Capitalisation plus \u00e9lev\u00e9e<\/span><\/li>\n<li><span style=\"color: #000000;\">Pr\u00e9sence de groupes panafricains<\/span><\/li>\n<li><span style=\"color: #000000;\">Communication institutionnelle plus structur\u00e9e<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">R\u00e9sultat :<\/span><br \/>\n<span style=\"color: #000000;\">Une culture boursi\u00e8re plus install\u00e9e.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00c9gypte<\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Egyptian Exchange :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Plus de 3 millions de comptes titres<\/span><\/li>\n<li><span style=\"color: #000000;\">Forte volatilit\u00e9 mais forte participation retail<\/span><\/li>\n<li><span style=\"color: #000000;\">Impact majeur de la digitalisation<\/span><\/li>\n<li><span style=\"color: #000000;\">IPOs m\u00e9diatis\u00e9es<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">En \u00c9gypte, la Bourse est un sujet populaire.<\/span><br \/>\n<span style=\"color: #000000;\">En Tunisie, elle reste technique.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">Probl\u00e8me structurel : taille de l\u2019\u00e9conomie<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">La Tunisie compte :<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">Moins de grandes entreprises cotables<\/span><\/li>\n<li><span style=\"color: #000000;\">Peu d\u2019IPO r\u00e9centes majeures<\/span><\/li>\n<li><span style=\"color: #000000;\">Beaucoup d\u2019entreprises familiales r\u00e9ticentes \u00e0 ouvrir leur capital<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Sans nouvelles introductions, difficile d\u2019attirer une nouvelle g\u00e9n\u00e9ration d\u2019investisseurs.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">Que faudrait-il changer ?<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Concr\u00e8tement :<\/span><\/p>\n<ol style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\">\u00c9ducation financi\u00e8re d\u00e8s le secondaire<\/span><\/li>\n<li><span style=\"color: #000000;\">Simplification digitale de l\u2019ouverture de compte titres<\/span><\/li>\n<li><span style=\"color: #000000;\">Communication p\u00e9dagogique r\u00e9guli\u00e8re<\/span><\/li>\n<li><span style=\"color: #000000;\">Incitations fiscales cibl\u00e9es<\/span><\/li>\n<li><span style=\"color: #000000;\">Encourager les IPO de PME solides<\/span><\/li>\n<\/ol>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Sans profondeur de march\u00e9, pas de d\u00e9mocratisation.<\/span><br \/>\n<span style=\"color: #000000;\">Sans confiance, pas de participation.<\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000000;\">Culture, confiance, march\u00e9\u202f: les vraies barri\u00e8res \u00e0 l\u2019investissement<\/span><\/h2>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Le faible nombre d\u2019actionnaires tunisiens n\u2019est pas un hasard.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">C\u2019est le r\u00e9sultat combin\u00e9 :<\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">d\u2019un d\u00e9ficit de culture financi\u00e8re<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">d\u2019un traumatisme \u00e9conomique<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">d\u2019un march\u00e9 \u00e9troit<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\">d\u2019une confiance fragile<\/span><\/li>\n<\/ul>\n<p><strong>Lire aussi:<\/strong><\/p>\n<div class=\"gsc-thumbnail-inside\">\n<div class=\"gs-title\"><a class=\"gs-title\" dir=\"ltr\" href=\"https:\/\/plumeseconomiques.com\/fr\/amp\/tag\/la-bourse-des-valeurs-mobilieres-de-tunis-cotation\/\" data-cturl=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=011238217578432545340:5m9aarzzppc&amp;q=https:\/\/plumeseconomiques.com\/fr\/amp\/tag\/la-bourse-des-valeurs-mobilieres-de-tunis-cotation\/&amp;sa=U&amp;ved=2ahUKEwi34oPE8fWSAxU_R_EDHVSDLoUQFnoECAgQAQ&amp;usg=AOvVaw2qgQIS-F_BZoSuwkRUmCuw&amp;fexp=121538234,121538235,73152292,73152290\" data-ctorig=\"https:\/\/plumeseconomiques.com\/fr\/amp\/tag\/la-bourse-des-valeurs-mobilieres-de-tunis-cotation\/\">La <b>Bourse<\/b> des Valeurs Mobili\u00e8res de Tunis cotation<\/a><\/div>\n<\/div>\n<div class=\"gsc-thumbnail-inside\">\n<div class=\"gs-title\"><a class=\"gs-title\" dir=\"ltr\" href=\"https:\/\/plumeseconomiques.com\/fr\/finance\/Bourse-La-MPBS-accord-de-principe-pour-l-admission-en-bours\/\" data-cturl=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=011238217578432545340:5m9aarzzppc&amp;q=https:\/\/plumeseconomiques.com\/fr\/finance\/Bourse-La-MPBS-accord-de-principe-pour-l-admission-en-bours\/&amp;sa=U&amp;ved=2ahUKEwi34oPE8fWSAxU_R_EDHVSDLoUQFnoECAkQAQ&amp;usg=AOvVaw1aJO06-5h6kxUpVyAkjHjW&amp;fexp=121538234,121538235,73152292,73152290\" data-ctorig=\"https:\/\/plumeseconomiques.com\/fr\/finance\/Bourse-La-MPBS-accord-de-principe-pour-l-admission-en-bours\/\"><b>Bourse<\/b>: La MPBS: accord de principe pour l&rsquo;admission en <b>bourse<\/b><\/a><\/div>\n<\/div>\n<div class=\"gsc-thumbnail-inside\">\n<div class=\"gs-title\"><a class=\"gs-title\" dir=\"ltr\" href=\"https:\/\/plumeseconomiques.com\/fr\/magazine\/sous-le-zoom\/tunisie-faut-il-lancer-une-bourse-des-matieres-premieres\/\" data-cturl=\"https:\/\/www.google.com\/url?client=internal-element-cse&amp;cx=011238217578432545340:5m9aarzzppc&amp;q=https:\/\/plumeseconomiques.com\/fr\/magazine\/sous-le-zoom\/tunisie-faut-il-lancer-une-bourse-des-matieres-premieres\/&amp;sa=U&amp;ved=2ahUKEwi34oPE8fWSAxU_R_EDHVSDLoUQFnoECAQQAg&amp;usg=AOvVaw0xEBLYAuufa9xQsBSD4dCn&amp;fexp=121538234,121538235,73152292,73152290\" data-ctorig=\"https:\/\/plumeseconomiques.com\/fr\/magazine\/sous-le-zoom\/tunisie-faut-il-lancer-une-bourse-des-matieres-premieres\/\">Tunisie : faut-il lancer une <b>bourse<\/b> des mati\u00e8res premi\u00e8res<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>En Tunisie, moins de 0,2 % de la population d\u00e9tient directement des actions cot\u00e9es \u00e0 la Bourse de Tunis.<\/p>\n","protected":false},"author":1,"featured_media":68546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Les Tunisiens et la Bourse : un march\u00e9 qui bloque\u202f","_seopress_titles_desc":"Pourquoi seuls 25 000 Tunisiens investissent en Bourse ? Analyse data, freins culturels et comparaison Maroc-\u00c9gypte.","_seopress_robots_index":"","footnotes":""},"categories":[81],"tags":[],"class_list":{"0":"post-68543","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"_links":{"self":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/68543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/comments?post=68543"}],"version-history":[{"count":0,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/posts\/68543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/media\/68546"}],"wp:attachment":[{"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/media?parent=68543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/categories?post=68543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/plumeseconomiques.com\/fr\/wp-json\/wp\/v2\/tags?post=68543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}