{"id":116638,"date":"2025-08-24T21:37:20","date_gmt":"2025-08-24T20:37:20","guid":{"rendered":"https:\/\/jazairhope.org\/?p=116638"},"modified":"2025-08-24T21:37:20","modified_gmt":"2025-08-24T20:37:20","slug":"bourse-algerienne-vision-360-dun-marche-a-dynamiser","status":"publish","type":"post","link":"https:\/\/jazairhope.org\/fr\/bourse-algerienne-vision-360-dun-marche-a-dynamiser\/","title":{"rendered":"Bourse Alg\u00e9rienne : Vision 360\u00b0 d\u2019un March\u00e9 \u00e0 Dynamiser"},"content":{"rendered":"<p data-start=\"247\" data-end=\"844\"><strong data-start=\"247\" data-end=\"380\">Comment pr\u00e9tendre dynamiser le march\u00e9 financier quand le dernier rapport annuel de la COSOB disponible au public remonte \u00e0 2023 ?<\/strong><br data-start=\"380\" data-end=\"383\" \/>C\u2019est la question de d\u00e9part qui s\u2019impose \u00e0 l\u2019heure o\u00f9 la Commission d\u2019organisation et de surveillance des op\u00e9rations de Bourse (COSOB) lance, comme l\u2019a rapport\u00e9 l\u2019APS le 24 ao\u00fbt 2025, une <strong data-start=\"571\" data-end=\"597\">consultation nationale<\/strong> destin\u00e9e \u00e0 recueillir des propositions pour transformer la Bourse d\u2019Alger en un march\u00e9 moderne, inclusif et dynamique (<a class=\"decorated-link\" href=\"https:\/\/www.aps.dz\/economie\/190818-marche-financier-une-consultation-nationale-pour-dynamiser-l-activite\" target=\"_new\" rel=\"noopener\" data-start=\"717\" data-end=\"840\">APS, 24\/08\/2025<\/a>).<\/p>\n<p data-start=\"846\" data-end=\"1175\">Les contributions sont attendues d\u2019ici le 30 septembre 2025, et elles porteront sur des th\u00e8mes vari\u00e9s : march\u00e9 secondaire, r\u00f4le des investisseurs institutionnels, nouveaux instruments, financement des PME et startups, inclusion financi\u00e8re, fintech et finance verte. L\u2019ambition est claire. Mais comment savoir par o\u00f9 commencer ?<\/p>\n<p data-start=\"1177\" data-end=\"1570\">Le dynamisme d\u2019un march\u00e9 se mesure par quelques <strong data-start=\"1225\" data-end=\"1266\">indicateurs simples et internationaux<\/strong> : la <strong data-start=\"1272\" data-end=\"1317\">capitalisation boursi\u00e8re rapport\u00e9e au PIB<\/strong>, le <strong data-start=\"1322\" data-end=\"1380\">volume des \u00e9changes par rapport \u00e0 cette capitalisation<\/strong>, le <strong data-start=\"1385\" data-end=\"1446\">nombre de transactions et d\u2019introductions en bourse (IPO)<\/strong>. Si l\u2019on applique ces standards \u00e0 l\u2019Alg\u00e9rie, le constat est sans appel : il faut agir sur plusieurs fronts simultan\u00e9ment.<\/p>\n<p data-start=\"1572\" data-end=\"1722\">Cet article propose une vision d\u2019ensemble et identifie <strong data-start=\"1627\" data-end=\"1653\">cinq axes strat\u00e9giques<\/strong>. Chacun d\u2019eux fera l\u2019objet d\u2019un article d\u00e9taill\u00e9 dans cette s\u00e9rie.<\/p>\n<hr data-start=\"1724\" data-end=\"1727\" \/>\n<h2 data-start=\"1729\" data-end=\"1788\">I. Reporting &amp; Transparence \u2013 Le socle de la confiance<\/h2>\n<p data-start=\"1790\" data-end=\"2054\">Le dernier rapport annuel consolid\u00e9 date de 2023. Depuis, la COSOB publie des <strong data-start=\"1868\" data-end=\"1893\">bulletins semestriels<\/strong>, utiles pour suivre l\u2019\u00e9volution des ordres, de la capitalisation et des nouvelles introductions, mais insuffisants pour donner une vision d\u2019ensemble annuelle.<\/p>\n<p data-start=\"2056\" data-end=\"2082\">\u00c0 titre de comparaison :<\/p>\n<ul data-start=\"2083\" data-end=\"2337\">\n<li data-start=\"2083\" data-end=\"2198\">\n<p data-start=\"2085\" data-end=\"2198\"><strong data-start=\"2085\" data-end=\"2096\">Nigeria<\/strong> publie un rapport annuel consolid\u00e9 et impose des \u00e9tats financiers trimestriels aux soci\u00e9t\u00e9s cot\u00e9es.<\/p>\n<\/li>\n<li data-start=\"2199\" data-end=\"2337\">\n<p data-start=\"2201\" data-end=\"2337\"><strong data-start=\"2201\" data-end=\"2212\">Norv\u00e8ge<\/strong> va plus loin encore : rapports annuels pr\u00e9cis, donn\u00e9es trimestrielles et statistiques mensuelles disponibles en open data.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2339\" data-end=\"2574\">\ud83d\udc49 Sans reporting r\u00e9gulier, la confiance des investisseurs institutionnels et \u00e9trangers est impossible.<br data-start=\"2442\" data-end=\"2445\" \/><strong data-start=\"2445\" data-end=\"2460\">Proposition<\/strong> : instaurer un calendrier fixe \u2013 rapport annuel avant fin juin, bulletins trimestriels, diffusion en open data.<\/p>\n<hr data-start=\"2576\" data-end=\"2579\" \/>\n<h2 data-start=\"2581\" data-end=\"2633\">II. Capitalisation \u2013 Donner une taille critique<\/h2>\n<p data-start=\"2635\" data-end=\"2762\">Aujourd\u2019hui, la capitalisation boursi\u00e8re alg\u00e9rienne repr\u00e9sente <strong data-start=\"2698\" data-end=\"2714\">0,2 % du PIB<\/strong> (~0,5 milliard USD). \u00c0 titre de comparaison :<\/p>\n<ul data-start=\"2763\" data-end=\"2865\">\n<li data-start=\"2763\" data-end=\"2813\">\n<p data-start=\"2765\" data-end=\"2813\">Nigeria : <strong data-start=\"2775\" data-end=\"2790\">23 % du PIB<\/strong> (~45 milliards USD).<\/p>\n<\/li>\n<li data-start=\"2814\" data-end=\"2865\">\n<p data-start=\"2816\" data-end=\"2865\">Norv\u00e8ge : <strong data-start=\"2826\" data-end=\"2841\">73 % du PIB<\/strong> (~690 milliards USD).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2867\" data-end=\"3167\">Si l\u2019Alg\u00e9rie atteignait le niveau du Nigeria, par simple projection lin\u00e9aire, elle enregistrerait environ <strong data-start=\"2973\" data-end=\"3007\">1,2 million de transactions\/an<\/strong> (contre 10 000 aujourd\u2019hui). Au niveau de la Norv\u00e8ge, ce serait <strong data-start=\"3072\" data-end=\"3088\">3,7 millions<\/strong> \u2013 encore loin des 25 millions de transactions r\u00e9elles constat\u00e9es en Norv\u00e8ge.<\/p>\n<p data-start=\"3169\" data-end=\"3312\">\ud83d\udc49 Cela montre que la capitalisation est <strong data-start=\"3210\" data-end=\"3244\">n\u00e9cessaire mais pas suffisante<\/strong> : il faut aussi agir sur la profondeur et la structure du march\u00e9.<\/p>\n<hr data-start=\"3314\" data-end=\"3317\" \/>\n<h2 data-start=\"3319\" data-end=\"3373\">III. Liquidit\u00e9 \u2013 Faire vivre le march\u00e9 secondaire<\/h2>\n<p data-start=\"3375\" data-end=\"3420\">Un march\u00e9 sans \u00e9changes est un march\u00e9 mort.<\/p>\n<ul data-start=\"3421\" data-end=\"3567\">\n<li data-start=\"3421\" data-end=\"3500\">\n<p data-start=\"3423\" data-end=\"3500\">Alg\u00e9rie : moins de <strong data-start=\"3442\" data-end=\"3472\">1 % des titres capitalis\u00e9s<\/strong> s\u2019\u00e9changent chaque ann\u00e9e.<\/p>\n<\/li>\n<li data-start=\"3501\" data-end=\"3535\">\n<p data-start=\"3503\" data-end=\"3535\">Nigeria : environ <strong data-start=\"3521\" data-end=\"3532\">10\u201315 %<\/strong>.<\/p>\n<\/li>\n<li data-start=\"3536\" data-end=\"3567\">\n<p data-start=\"3538\" data-end=\"3567\">Norv\u00e8ge : plus de <strong data-start=\"3556\" data-end=\"3564\">50 %<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3569\" data-end=\"3835\">\ud83d\udc49 La taille du march\u00e9 ne suffit pas : il faut stimuler la liquidit\u00e9.<br data-start=\"3638\" data-end=\"3641\" \/><strong data-start=\"3641\" data-end=\"3657\">Propositions<\/strong> : revoir le fonctionnement des market makers (animateurs de march\u00e9), accorder des incitations fiscales pour l\u2019\u00e9change, et imposer aux soci\u00e9t\u00e9s cot\u00e9es un minimum d\u2019animation de leurs titres.<\/p>\n<hr data-start=\"3837\" data-end=\"3840\" \/>\n<h2 data-start=\"3842\" data-end=\"3908\">IV. Investisseurs institutionnels \u2013 La force cach\u00e9e du march\u00e9<\/h2>\n<p data-start=\"3910\" data-end=\"4182\">98 % des comptes-titres en Alg\u00e9rie appartiennent \u00e0 des particuliers. Les investisseurs institutionnels (assurances, caisses de retraite, banques, fonds) sont absents ou marginaux. Or ce sont eux qui donnent de la profondeur et assurent un flux d\u2019investissement r\u00e9gulier.<\/p>\n<p data-start=\"4184\" data-end=\"4488\">\ud83d\udc49 Dynamiser le march\u00e9 suppose d\u2019attirer et de s\u00e9curiser les capitaux institutionnels.<br data-start=\"4270\" data-end=\"4273\" \/><strong data-start=\"4273\" data-end=\"4289\">Propositions<\/strong> : offrir un cadre incitatif aux assurances et fonds de pension pour qu\u2019ils investissent en actions et obligations locales ; cr\u00e9er des fonds souverains sp\u00e9cialis\u00e9s dans l\u2019investissement domestique.<\/p>\n<hr data-start=\"4490\" data-end=\"4493\" \/>\n<h2 data-start=\"4495\" data-end=\"4568\">V. Offre et diversification des titres \u2013 Du choix et de l\u2019innovation<\/h2>\n<p data-start=\"4570\" data-end=\"4714\">Le march\u00e9 alg\u00e9rien compte seulement <strong data-start=\"4606\" data-end=\"4631\">5 \u00e0 7 soci\u00e9t\u00e9s cot\u00e9es<\/strong>. L\u2019\u00e9pargnant ou l\u2019institutionnel n\u2019a donc quasiment aucun choix.<br data-start=\"4696\" data-end=\"4699\" \/>\u00c0 l\u2019inverse :<\/p>\n<ul data-start=\"4715\" data-end=\"4868\">\n<li data-start=\"4715\" data-end=\"4761\">\n<p data-start=\"4717\" data-end=\"4761\">Nigeria accueille plusieurs IPO par an, et<\/p>\n<\/li>\n<li data-start=\"4762\" data-end=\"4868\">\n<p data-start=\"4764\" data-end=\"4868\">Norv\u00e8ge diversifie avec actions, obligations vertes, sukuk, produits d\u00e9riv\u00e9s et fonds indiciels (ETF).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"4870\" data-end=\"4955\">\ud83d\udc49 Dynamiser passe par un <strong data-start=\"4896\" data-end=\"4931\">\u00e9largissement massif de l\u2019offre<\/strong>.<br data-start=\"4932\" data-end=\"4935\" \/><strong data-start=\"4935\" data-end=\"4951\">Propositions<\/strong> :<\/p>\n<ul data-start=\"4956\" data-end=\"5214\">\n<li data-start=\"4956\" data-end=\"5041\">\n<p data-start=\"4958\" data-end=\"5041\">introduire en bourse des entreprises publiques (CPA, NAFTAL, filiales Sonatrach),<\/p>\n<\/li>\n<li data-start=\"5042\" data-end=\"5106\">\n<p data-start=\"5044\" data-end=\"5106\">faciliter l\u2019acc\u00e8s des grandes entreprises priv\u00e9es \u00e0 la cote,<\/p>\n<\/li>\n<li data-start=\"5107\" data-end=\"5173\">\n<p data-start=\"5109\" data-end=\"5173\">d\u00e9velopper les instruments obligataires et islamiques (sukuk),<\/p>\n<\/li>\n<li data-start=\"5174\" data-end=\"5214\">\n<p data-start=\"5176\" data-end=\"5214\">lancer des fonds cot\u00e9s (OPCVM, ETF).<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"5216\" data-end=\"5219\" \/>\n<h2 data-start=\"5221\" data-end=\"5290\">VI. Attractivit\u00e9 pour l\u2019\u00e9pargnant \u2013 Rendre la Bourse comp\u00e9titive<\/h2>\n<p data-start=\"5292\" data-end=\"5580\">Aujourd\u2019hui, l\u2019\u00e9pargnant alg\u00e9rien voit la Bourse comme abstraite. Les rapports COSOB publient des dividendes, mais <strong data-start=\"5407\" data-end=\"5453\">sans comparaison avec les d\u00e9p\u00f4ts bancaires<\/strong>. Pourtant, Biopharm offrait en 2023 un rendement de dividende sup\u00e9rieur \u00e0 <strong data-start=\"5528\" data-end=\"5535\">5 %<\/strong>, contre <strong data-start=\"5544\" data-end=\"5553\">2\u20133 %<\/strong> pour un d\u00e9p\u00f4t classique.<\/p>\n<p data-start=\"5582\" data-end=\"5857\">\ud83d\udc49 Instituer une comparaison claire \u201cActions vs D\u00e9p\u00f4ts vs Obligations\u201d permettrait de convaincre les m\u00e9nages de placer une partie de leur \u00e9pargne en Bourse.<br data-start=\"5738\" data-end=\"5741\" \/><strong data-start=\"5741\" data-end=\"5756\">Proposition<\/strong> : int\u00e9grer ce tableau comparatif dans chaque rapport officiel et renforcer l\u2019\u00e9ducation financi\u00e8re.<\/p>\n<hr data-start=\"5859\" data-end=\"5862\" \/>\n<h2 data-start=\"5864\" data-end=\"5912\">Conclusion \u2013 Une feuille de route en 5 axes<\/h2>\n<p data-start=\"5914\" data-end=\"6115\">L\u2019appel \u00e0 contributions de la COSOB est une occasion pr\u00e9cieuse, mais pour \u00eatre cr\u00e9dible, il doit s\u2019appuyer sur une vision structur\u00e9e. Dynamiser la Bourse alg\u00e9rienne suppose d\u2019agir simultan\u00e9ment sur :<\/p>\n<ol data-start=\"6116\" data-end=\"6443\">\n<li data-start=\"6116\" data-end=\"6175\">\n<p data-start=\"6119\" data-end=\"6175\"><strong data-start=\"6119\" data-end=\"6148\">Reporting et transparence<\/strong> \u2013 socle de la confiance.<\/p>\n<\/li>\n<li data-start=\"6176\" data-end=\"6229\">\n<p data-start=\"6179\" data-end=\"6229\"><strong data-start=\"6179\" data-end=\"6197\">Capitalisation<\/strong> \u2013 donner une taille critique.<\/p>\n<\/li>\n<li data-start=\"6230\" data-end=\"6284\">\n<p data-start=\"6233\" data-end=\"6284\"><strong data-start=\"6233\" data-end=\"6246\">Liquidit\u00e9<\/strong> \u2013 faire vivre le march\u00e9 secondaire.<\/p>\n<\/li>\n<li data-start=\"6285\" data-end=\"6358\">\n<p data-start=\"6288\" data-end=\"6358\"><strong data-start=\"6288\" data-end=\"6321\">Investisseurs institutionnels<\/strong> \u2013 assurer profondeur et stabilit\u00e9.<\/p>\n<\/li>\n<li data-start=\"6359\" data-end=\"6443\">\n<p data-start=\"6362\" data-end=\"6443\"><strong data-start=\"6362\" data-end=\"6387\">Offre et attractivit\u00e9<\/strong> \u2013 diversifier les instruments et attirer l\u2019\u00e9pargnant.<\/p>\n<\/li>\n<\/ol>\n<p data-start=\"6445\" data-end=\"6715\">Cet article en propose la vision d\u2019ensemble.<br data-start=\"6489\" data-end=\"6492\" \/>Chaque axe sera d\u00e9velopp\u00e9 dans un <strong data-start=\"6526\" data-end=\"6548\">article sp\u00e9cifique<\/strong> de cette s\u00e9rie, pour d\u00e9tailler les mesures concr\u00e8tes qui pourraient, enfin, faire de la Bourse d\u2019Alger un v\u00e9ritable levier de financement du d\u00e9veloppement national.<\/p>\n<p data-start=\"6445\" data-end=\"6715\">A Suivre&#8230;.<\/p>\n<p>Hope&amp;ChaDia<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Comment pr\u00e9tendre dynamiser le march\u00e9 financier quand le dernier rapport annuel de la COSOB disponible au public remonte \u00e0 2023 ?C\u2019est la&hellip;<\/p>\n","protected":false},"author":50,"featured_media":116640,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[39,35,50],"tags":[],"class_list":["post-116638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles-en-vedette","category-economie","category-science-fr"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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