Join on WhatsApp
Join on Telegram
Agadir – The 13th edition of the AMMC’s capital markets review highlights strong growth across Morocco’s capital markets, showing a significant expansion in the third quarter of 2025. The rapid growth is supported by a sharp rise in stock market indices, higher trading volumes, and steady activity in the debt market.
According to the latest performance report released by the Moroccan Capital Market Authority (AMMC), the market capitalization witnessed a rise to over MAD 1,036 billion ($112.3 billion) by the end of October. Which increased nearly by 38% since December 2024 and more than 42% compared with the same period last year.
The AMMC report relies on a set of standard capital market performance indicators to assess how Morocco’s markets evolved in Q3 2025.
Trading volumes and market activity
Market activity is a significant indicator to identify the capital market performance. Total trading volumes reached MAD 108.7 billion ($11.8 billion), nearly double the amount recorded during the same period in 2024. Average daily trading volumes rose from MAD 305 million ($33 million) last year to MAD 613 million ($66.5 million) in 2025, highlighting the improved liquidity and activity of the market.
According to the AMMC, this activity reflects increasing investor confidence and a stronger investment environment, which in turn is supported by economic recovery and improved corporate results.
Moroccan investors structure
To identify who is driving market activity, the report highlights a shift in investor composition. By the end of the third quarter of 2025, OPCVMs (collective investment schemes) and Moroccan individual investors together accounted for 63% of equity market transactions, with OPCVMs representing 33% and individual investors 30%.
Moroccan institutional investors held a 25% share of trading, while banking networks and foreign corporate investors accounted for 6% and 5%. Compared to the same period in 2024, Moroccan individual investors increased their share by four percentage points, highlighting the growing impact of retail investors on the stock market.
Debt market
The debt market continued to play a pivotal role in financing the economy beyond equity. Outstanding debt securities reached MAD 1,102 billion ($119.4 billion) by the end of October 2025. Treasury bills remained dominant, accounting for 71.5% of total outstanding debt, followed by bonds (18%) and negotiable debt instruments (8.5%).
Over the first ten months of the year, the Moroccan Treasury raised MAD 134 billion ($14.5 billion). Interest rates ranged between 1.39% and 4.5%.
Corporate bond issuance totaled MAD 33.6 billion ($3.64 billion), while outstanding negotiable debt instruments stood at MAD 58.5 billion ($6.34 billion).
The AMMC report indicates that Morocco’s capital markets are strengthening, with increasing liquidity, broader investor participation, and a resilient debt market laying the groundwork for sustainable growth.
