The pharmaceutical industry is dominating the Moroccan capital market, as the country’s financial sector continues its recovery from the COVID-19 pandemic, and the succession of international economic set backs.
According to the Moroccan Capital Market Authority’s new annual report submitted to Head of Government Aziz Akhannouch revealed that, the Moroccan stock market’s indicators are rather positive.
The development of indices of the Moroccan stock exchange recorded an increase in 2021, showed the report.
After the stage of stability that reigned the first quarter of the year, Moroccan indices began to rise during the the second and third quarters before consolidating gains by the end of the year.
In detail, “the MASI index in September of the year 2021 crossed the threshold of 13,000 points, to end the year with 13,358.32 points, which represents an annual performance increase of more than 18%,” confirms the “AMMC” in its report.
“Other Moroccan indices followed the same pattern since the beginning of 2021, which made them accumulate an increase of 17.40% for the MSI20 index and 23.55% for the 15 FTSE CSE Morocco index.”
The performance of the MASI index, according to the authority’s annual report, was a reflection of the overall positive performance recorded by most of the sectoral indices (19 sectors out of 23), which ranged between 7.85% for real estate companies and 179.65% for pharmaceuticals industry.
With regard to sectors with a high weight in stock market capitalization, “the banking, real estate and building materials sectors recorded positive performances, amounting to +15.56% and +29.55% respectively, in contrast to the telecommunications sector, which recorded a negative performance of 3.83%.”
In comparison with 2020, indicators for the Casablanca Stock Exchange registered “high upward curves” for other sectoral indicators, on top of which was the pharmaceutical industry sector, recording an increase of 179%, compared to only 17% in 2020.
The Engineering and Industrial Equipment sector recorded an increase of 79% after a negative performance of about 3% in 2020.
The “forestry and paper” sector also increased by 59.41% (-31.80 percent in 2020), followed by the “chemicals” sector with 58% in 2021, compared to a decrease of 2.45% in 2020.
On the other hand, the Moroccan Authority itself confirmed that four sectors ended the year 2021 with negative performance that ranged from -3.73% as the lowest negative performance for the “hotels and entertainment” sector, and -36.88% for the “services to local authorities” sector.
The communications sector (-3.83%) and “portfolio companies – holding groups” (-5.38%) are also among the lowest in terns of performance.
The report highlighted that the stock market situation in 2021 witnessed an improvement “ as 15 sectors in 2020 recorded negative performances that ranged between minus -1.51% and minus -44.11%.”
With an annual increase of 18.08%, the stock market capitalization reached MAD 691 billion in 2021, compared to MAD 585 billion in 2020.
The banking sector, as the “most represented sector in stock market capitalization,” retained a share similar to that recorded in 2020, which amounted to 33%.
While the share of the telecommunications sector declined by four points, to settle at 18% of the stock market capitalization, compared to an increase in the share of the real estate and building materials sector from 11% to 13%.
As for the insurance sector, its annual share for the year 2021 stabilized at 5%, and the oil and gas sector recorded the same percentage, according to the in the report report.
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