The application of DM-MSTP method on Tunisian financial market: 2024 case study.

The Novel Dhouib Matrix Minimum Spanning Tree Problem (DM-MSTP) method is used to illustrate a topological relationship between all Tunisian financial market for 2024. The results reveal a clear hierarchical organization with the financial sector playing a central bridging role, particularly through banks and financial services, which connect consumer-oriented and real-economy sectors. A two-cluster configuration highlights a tightly integrated group of cyclical sectors basic materials, construction and building materials, and industry characterized by strong co-movements and limited diversification potential. Extending the analysis to a three-cluster framework provides finer granularity, separating consumer and service sectors, real-economy production sectors, and financial intermediaries into distinct groups. These partitioning underscores differential channels of shock transmission, with faster contagion within cyclical sectors and more buffered dynamics among diversified service sectors.