Follow-Up
The Casablanca Stock Exchange indicators maintained strong growth throughout 2025, despite a quarterly decline of 0.9% for the ‘Masi’ index and 4% for the MASI 20 index. The annual growth rates reached 27.6% and 24.5% respectively, surpassing the levels recorded in 2024, which were 22.2% and 20.5%.
A report from the Moroccan Capital Market Authority indicated that the fourth quarter of 2025 saw a clear dominance by Moroccan legal entities and mutual funds in transferable securities (OPCVM), collectively accounting for 66.6% of the trading volume in the central market, which constituted 81% of total trades.
With a total trading volume of 38.5 billion dirhams across the central market and the block market, the exchange recorded a slight decline of 3.9% compared to the same period in 2024, when the trading volume reached 40 billion dirhams.
In terms of investor composition, Moroccan legal entities and collective investment bodies contributed 38% and 28.6% respectively to the trading volume in the central market, followed by individual Moroccan investors at 21.2%. Meanwhile, foreign legal entities and investors whose orders pass through the banking network accounted for 6% and 5.9% of the total volume.
Regarding transaction trends, Moroccan legal entities recorded purchases of 12.2 billion dirhams against sales of approximately 11.3 billion dirhams, marking increases of 56% and 46% compared to the fourth quarter of 2024. Individual Moroccan investors recorded sales of 6.7 billion dirhams (+39% compared to the fourth quarter of 2024) and purchases of 6.4 billion dirhams (+50.4%).
Foreign legal entities had sales amounting to 2.4 billion dirhams, more than double that of the same period in 2024, while purchases reached 1.3 billion dirhams. Investors whose orders go through the banking network achieved sales of 2.6 billion dirhams and purchases of 986 million dirhams, indicating a doubling in sales and a one-and-a-half times increase in purchases compared to the fourth quarter of 2024.
The central market experienced intense activity, with a trading volume of 31 billion dirhams, reflecting a 53.4% increase compared to the fourth quarter of 2024 and a slight rise of 3.1% compared to the third quarter of 2025, while the block market accounted for 19% of total trades with a volume of 7.4 billion dirhams.
