Tunisian soldiers deliver ballot boxes to a polling station in Ariana, near Tunis, on Saturday. AFP
Tunisian soldiers deliver ballot boxes to a polling station in Ariana, near Tunis, on Saturday. AFP

Low numbers as Tunisians vote in presidential election with competition muted



Tunisia was on Sunday holding its third presidential election since its uprising in 2011, with the atmosphere tense after protests over the jailing of one candidate.

The president of the Independent High Authority for Elections (ISIE), Farouk Bouasker, said at the Palais Des Congres Media Centre that it recorded an initial turnout of 27.7 per cent, according to data collected after all polling stations closed at 6pm local time.

Only 28.5 per cent of eligible voters in Tunisia took part, while of the more than 600,000 living abroad, about 16 per cent began casting ballots in 58 countries on Friday, the ISIE said.

Only 6 per cent of those aged 18 to 35 voted in the presidential elections, compared to 94 per cent aged 36 and above. More than nine million Tunisians are eligible to vote.

President Kais Saied is vying for a second five-year term and faces little competition, with only two candidates standing against him: Zouheir Maghzaoui of the pan-Arab nationalist People’s Movement, and Ayachi Zammel of the Azimoun party.

Mr Zammel is in prison starting a sentence of 13 years and eight months for falsifying the signatures of voters needed to endorse his candidacy, but the sentence must be approved by the Court of Cassation to be considered final.

ISIE board member Najla Abrougui told journalists there is a possibility that the votes obtained by Mr Zammel could be cancelled. "There is a legal text that keeps this hypothesis on the table,” Ms Abrougui said.

According to article 143 of the basic law regulating the election authority's functions, which was amended a few days before Sunday's vote, the results obtained by candidates could be partially or entirely cancelled if there has been a conclusive ruling indicating that they have committed violations that had an effect on the integrity of the electoral process.

Despite the low turn out in Sunday's vote, many of those who showed up say that this political event is the only way they believe they can improve their situation.

"I came here to vote for the right guy that would take into consideration our country's interests and the Tunisian people's conditions," Sebti Ben Nssib, 73, a retiree from the private sector, told The National after casting his ballot at the Rue De Marseille school polling station.

Mr Ben Nssib says he hopes the president he voted for would be able to improve the livelihoods of people, with basic rights such as education, health care, decent housing and a better socio-economic situation for all.

"If Tunisians would all come together hand in hand, by God's will our situation with be much better," he said.

Mr Ben Nssib's wife, Halima, a retiree from the Ministry of Social Affairs, echoed her husband's hope for change in several vital sectors to be fulfilled after the election.

"We need to help our country stand up again and we want to see some changes in the economic situation," she told The National.

"We want to ensure that we create a decent ground to raise future generations and for that reason we can only have big hope in the future."

The presidential election is the third since a 2011 uprising ousted long-serving president Zine El Abidine Ben Ali. Observers and voters have criticised the lack of competition this time after candidates were disqualified. The elections authority has barred 14 candidates from taking part, citing insufficient endorsements and other technicalities.

Hundreds of protesters took to the streets of Tunis on Friday, decrying what they called growing repression.

More than 5,000 polling stations and 9,600 voting offices were open in 24 governorates across the nation on Sunday. About 57 tents have also been set up in the remote rural areas of Ben Arous, Ariana, El Kef, Monastir and Sfax to enable voting.

Preliminary results are expected on Monday evening, spokesman for the electoral authority, Mohamed Tlili Mansri, told state-owned news agency Tap.

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What should do investors do now?

What does the S&P 500's new all-time high mean for the average investor? 

Should I be euphoric?

No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.

So what happened?

It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.

"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."

Should I buy? Should I sell?

Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.

"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.

All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.

Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.

Will the rally last?

No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.

"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."

Updated: October 06, 2024, 11:41 PM