The Tunisian bourse has risen 42 per cent since the beginning of the year, making it one of the best performers in the Middle East.

This is a reflection, analysts say, of the fact that more than half of its $10bn market capitalisation is made up of local banks that have not been affected by the global financial crisis. Another chunk comprises companies that are geared towards consumption at home or which export to the regional market, particularly to hydrocarbon-rich Algeria and Libya .