Amid the fears and economic uncertainty caused by the novel coronavirus (COVID-19) spread, global markets are facing some of their most difficult days.
Rabat – The Casablanca Stock Exchange plunged into an unprecedented panic, recording the largest decline in its history at the end of Monday, March 9.
The Moroccan All Shares Index (MASI) lost 5.82% of value on Monday alone, reaching an all-time low of 10,806 points.
MASI is a stock index that tracks the performance of all companies listed in the Casablanca Stock Exchange. It is one of the two main Moroccan indexes, the other being the Moroccan Most Active Shares Index (MADEX).
The Casablanca Stock Exchange recorded more than MAD 584 million (around $61.9 million) of transactions on Monday, making the MASI decline more worrying.
The market’s downswing affected all the companies listed on the Casablanca Stock Exchange, excluding metallurgy companies Delattre Levivier Maroc and Société Métallurgique d’Imiter (SMI).
Since January, MASI have been in a steady decline reaching 11.22% in just over two months.
The Moroccan stock market is not the only one losing value. All over the world, the economic uncertainties caused by the spread of COVID-19 and the collapse of oil prices are making investors worried.
In France, the Paris Stock Exchange lost 8.39% in value, reaching its worst performance since 2008. In Germany as well, the Frankfurt Stock Exchange reached its lowest point since 2001, as its value decreased by 7.94%.
While the worrying numbers are threatening the global economic growth, it remains to be seen how the COVID-19 spread will evolve and affect economy in the foreseeable future.