Morocco's capital markets post mixed results in March as trading volumes rise

Wednesday 06 - 09:39

By: Dakir Madiha

Morocco's capital markets post mixed results in March as trading volumes rise

Morocco's capital markets delivered an uneven performance in the first quarter of 2026, with March trading activity picking up sharply even as several key indicators remained in negative territory for the year. The contrast between rising transaction volumes and declining valuations reflects cautious investor sentiment across the Casablanca Stock Exchange and the broader asset management sector.

Trading volume on the Casablanca Stock Exchange reached MAD 10.6 billion in March, a 24.8 percent increase from the previous month. Despite that monthly rebound, the year-to-date figure stood at MAD 27.6 billion, down 17.4 percent compared to the same period last year. The MASI index closed March at 17,160 points, representing a decline of 8.95 percent since January. Market capitalization followed the same direction, settling at MAD 963 billion, down 7.46 percent year to date, though it still registered a modest 4.08 percent gain over the preceding twelve months.

Collective investment schemes showed an equally uneven picture. Total net assets for OPCVMs reached MAD 772 billion across 614 funds, marking a 1.65 percent decline since the start of the year. Equity funds fell 7.39 percent, while diversified funds posted a 3.21 percent gain. Bond funds were split: short-term bonds edged up 0.54 percent while medium- to long-term bonds fell 4.02 percent. Contractual investment funds stood apart from the broader trend, surging more than 74 percent year to date, the standout performance across the entire asset management landscape. Net subscriptions reflected the same cautious mood, with inflows recorded in some categories but persistent outflows in others.

Capital raising activity remained modest through March. Equity issuances totaled MAD 80 million for the month, all conducted through public offerings, while bond issuances were absent entirely, though cumulative figures show MAD 2 billion raised since January. Negotiable debt securities reached MAD 6.53 billion in March, bringing the year-to-date total to nearly MAD 16.9 billion. Securities lending activity showed a slight monthly slowdown, with volume edging down 1 percent to MAD 48.3 billion, though the cumulative figure since January climbed to MAD 131.7 billion, up 67 percent year-on-year. Outstanding loans stood at MAD 50.7 billion, down 4 percent year to date but sharply higher over twelve months. Taken together, the data point to a market navigating a period of valuation pressure while retaining meaningful levels of transactional activity and selective investor engagement.