Investor Confidence in the Moroccan Stock Market Dips Slightly in October 2025

Rabat – According to the most recent Attijari Global Research (AGR) Confidence Index, investor confidence in Morocco’s stock market fell somewhat in October 2025. The index, which does quarterly surveys to identify the market sentiment, fell from 63.1 points in October 2024 to 61.6 points now. 

Despite the dip, investor confidence is still in the “Assurance” zone, which means that the overall sentiment in the market is still mostly stable and favorable. AGR indicated that the key reason behind the decline was a sharp drop in international investor sentiment.

The confidence score for this category dropped by 17.9 points to 47.5, which caused foreign participants to go from a phase of “Assurance” position to a more cautious “wait-and-see” position.  

Local investors, on the other hand, who make up about 89% of all market activity, maintained or strengthened their view, which kept the entire index from further decreasing.

Confidence among domestic investors, institutional investors, and asset managers was the same as last year, at 61.5 points.

The trust of important market players, or “reference actors,” rose 3.5 points to 67.2%. Individual investors were the most bullish, as their index rose 4.3 points to 68.4 points, highlighting their renewed enthusiasm about local stocks. 

Mixed expectations for the next three months

The poll showed that respondents had more realistic short-term expectations. About 57% of investors think the MASI benchmark index will go up in the next three months, compared to last edition’s 74%. 

Meanwhile, only 38% expect that trade volumes will go up, which is lower than the 62% earlier this year.  

Even if expectations are weaker, most participants remain confident in corporate performance. According to AGR, 63% of investors expect listed businesses to post “good-quality” annual results for 2025—nearly the same as last quarter’s 65%. 

However, the number of investors who planned to deploy fresh funds into stocks fell substantially, from 59% to 29%, reflecting their caution with new investments. 

Still, the number of investors who plan to focus mostly on stocks in the next several months went up from 26% to 43%, which shows selective confidence.  

External and domestic influences

Investors also weighed geopolitical and local conditions. 40% of respondents stated they think the global political situation will negatively impact the Moroccan stock market in the next few months, down from 62% previously. 

At the same time, 43% thought the international environment had “no significant impact,” which is slightly higher than before. 

80% of respondents indicated they were optimistic or very confident about Morocco’s short-term outlook, which is marginally below the 82% who said the same thing in the last survey.  

However, perceptions of the domestic socio-political situation turned less favorable. Now, 43% think it could harm the stock market, up from 6% before. 

The AGR Confidence Index is a quarterly measure of how people feel about the markets in Morocco and other African countries. The findings from October show a slight drop in optimism, but the index is still in the positive range.

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