Casablanca Stock Exchange Starts 2026 with a Collective Decline, Mining Sector Leads the Rise
The Casablanca Stock Exchange exhibited negative performance in January 2026, with 19 out of 24 sector indices declining compared to the end of December 2025, amidst pressures affecting several primary sectors.
According to the economic outlook report by the Directorate of Financial Studies and Forecasting, the largest declines were seen in the real estate and holding sectors, each down by 7.7%, along with distribution, which dropped by 6.3%. Additionally, the banking, construction, public works, and Morocco Telecom sectors saw decreases ranging from 1.8% to 4.5%.
In contrast, the mining sector emerged as the biggest winner for the month, achieving a significant leap of 32.9%, benefiting from improved commodity prices and global demand. Other sectors also recorded positive performances, albeit at a lower tempo, including real estate employment companies (+5.4%), agricultural industries (+3%), and the hospitality and entertainment sector (+1.4%).
Regarding the main indices, the “MAZ” index ended the month at 18,666.95 points, down 1%, while the “MASI 20” closed at 1,443.29 points, a decrease of 2.9%. Despite this monthly decline, both indices maintained positive annual performance, with increases of 14.9% and 9.5% respectively compared to January 2025.
As for the total market capitalization, it recorded almost stability at 1.041.6 billion dirhams (+0.1% compared to December) but increased by 25.6% year-on-year, largely driven by the strong performance of the mining sector, countered by the negative impact of the real estate, banking, construction, and telecommunications sectors.
Conversely, the transaction volume saw a sharp decline, dropping to 8.6 billion dirhams, down 71.1% compared to December 2025, and 31.9% compared to January of the previous year, with 99.1% of transactions occurring in the central market.
These indicators reflect a cautious start to the year in the financial market, with overall balance depending on performance in sectors tied to raw materials against a backdrop of relative weakness in domestic sectors.
