The Casablanca Stock Exchange’s market capitalisation rose 16.5% year on year to 1.1 trillion dirhams at the end of May, supported by stronger listed-company earnings and gains in banking, telecommunications and property, according to updated market-regulator data.
The benchmark MASI index ended May at 18,874.97 points, up 5% from a year earlier, while the MASI 20 index of the most liquid stocks fell 8.44% to 1,341.89 points, the Moroccan Capital Market Authority said in its latest Capital Markets Review.
Market liquidity stood at 12.25%, while foreign corporate investors increased their share of holdings.
Listed-company profits jump
The 76 listed companies covered by the regulator, representing more than 99.7% of total market capitalisation, generated combined revenue of 360 billion dirhams in 2025, up 10% from the previous year.
Growth was driven by property, construction materials, mining, banking and distribution, while oil and gas companies recorded weaker sales.
Combined net profit surged 38.3% to 52 billion dirhams.
Banks accounted for 42% of total earnings, followed by telecommunications with 13%. The telecoms sector recorded the largest annual increase in profit, adding 5.2 billion dirhams, while mining and property companies also posted strong gains.
Debt and investment funds expand
Outstanding debt securities reached 1.14 trillion dirhams at the end of April, with Treasury bonds accounting for 70.4% of the total.
Net assets held by collective investment funds rose 7% year on year to 827 billion dirhams, supported by strong inflows into short-term bond and money-market funds.
Morocco also formally launched its financial derivatives market on April 6 with the listing of the first futures contract linked to the MASI 20 index.
The new instrument allows investors to hedge market exposure without owning the underlying shares, with transactions cleared through a central counterparty designed to contain settlement and counterparty risk.
The market expansion has been accompanied by regulatory changes, including the entry into force of a new law governing collective investment funds.
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