The Casablanca Stock Exchange recorded a historic milestone on Friday, with total market capitalization surpassing 1 trillion dirhams (approximately $110 billion) for the first time, following a 1.3% rise in the benchmark MASI index, which closed above 19,000 points, its highest level on record.
This performance crowns a remarkable first half of 2025 in which the MASI gained 23.9% year-on-year, marking the strongest semiannual performance since 2006.
According to Serval Asset Management, the rally has been supported by robust economic fundamentals, including 4.8% GDP growth in Q1, the best quarterly result since late 2021, as well as rising corporate earnings, which jumped 7.6% to 85 billion dirhams in the first quarter.
Investor sentiment has also benefited from the central bank’s decision to hold interest rates at 2.25% amid historically low inflation (0.4% in June), and increased capital inflows, particularly following announcements of capital increases by listed firms. Sectors such as banking, construction, energy, mining, hospitality, and pharmaceuticals have led market gains.
Vicien, a newly listed firm, was the standout performer of Friday’s session, rising nearly 10% and helping drive broader sectoral gains. Analysts also point to the strong performance of Attijariwafa Bank, which retained its position as the most valuable listed firm, accounting for roughly 25% of the market’s capitalization.
The broader outlook remains optimistic, with analysts citing Morocco’s $170 billion investment pipeline linked to the 2025 Africa Cup of Nations and the 2030 FIFA World Cup as major growth drivers.
These include infrastructure megaprojects in transport, tourism, and water desalination, all of which are benefiting listed companies.
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