AMMC: Morocco Raises Nearly MAD 98 Billion by End-October 2025

Rabat – Morocco’s capital markets closed October 2025 on a firm footing, extending past gains recorded throughout the year despite a temporary slowdown in trading activity.

New data from the Moroccan Capital Market Authority shows a market that remains energized by strong investor appetite, robust bond issuance, and persistent inflows into key investment vehicles.

After months of steady growth, the MASI index climbed to 19,636.52 points by the end of October, marking a 32.92% increase since January and a 38.60% rise over the last 12 months.

The performance continues a trend visible since early spring, when the index rebounded sharply from short-lived volatility tied to global macroeconomic uncertainty.

Market capitalization followed the same upward trajectory, reaching MAD 1,036.57 billion ($111.97 USD), up nearly 38% year-on-year.

While equity valuations continued to rise, the month saw a retreat in trading volumes. Total volume fell to MAD 10.01 billion ($1.08 billion USD), down 24.6% from September.

Still, volumes remain significantly higher on an annual basis, more than doubling compared to the same period last year — a sign that investor participation remains far more dynamic than in 2024.

Collective investment schemes also continued to expand, with total assets under management rising to MAD 790.46 billion ($85.38 billion USD), an increase of 21% since January.

Equity funds posted the strongest performance, growing over 55% year-to-date, reflecting renewed confidence in local equities after months of positive earnings announcements and easing inflationary pressures.

Short-term bond funds, a favorite refuge during uncertain periods earlier in the year, also saw a sharp rise of nearly 47%.

Medium- to long-term bond funds maintained their role as the market’s heavyweight category with MAD 370.95 billion ($40.06 billion) in assets.

Capital raising accelerated in October, driven almost entirely by bond activity. Total issuance reached MAD 14.1 billion ($1.52 billion USD) for the month, bringing cumulative 2025 issuances to MAD 97.8 billion ($10.56 billion USD) — 24% higher than the same period in 2024.

Bond issuance alone surged 142% year-on-year, underscoring persistent demand for fixed-income instruments amid a favorable interest rate environment.

Securities lending operations also expanded, with October volumes reaching MAD 51.1 billion. Outstanding positions rose to 39.5 billion ($5.52 billion USD), reflecting increased market sophistication and a growing reliance on lending mechanisms to support liquidity.

Overall, October’s indicators reinforce the steady strengthening observed in previous months.