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Casablanca — Morocco’s capital markets had a mixed start to the year, with March activity picking up even as key indicators stayed in the red.
Trading volume on the Casablanca Stock Exchange reached MAD 10.6 billion in March, up 24.8% from the previous month. Still, the year-to-date figure stood at MAD 27.6 billion, down 17.4% compared to the same period last year.
The MASI index closed March at 17,160 points, showing a decline of 8.95% since January. Market capitalization followed the same direction, settling at MAD 963 billion, down 7.46% year to date, despite a slight 4.08% increase over 12 months.
On the asset management side, collective investment schemes showed uneven performance. Total net assets for OPCVMs reached MAD 772 billion across 614 funds, marking a 1.65% drop since the start of the year. Equity funds fell 7.39%, while diversified funds posted a 3.21% increase. Bond funds were mixed, with short-term bonds slightly up 0.54% and medium- to long-term bonds down 4.02%. Contractual funds stood out, jumping more than 74%.
Net subscriptions told a similar story. Some categories saw inflows, but others remained negative, reflecting cautious investor behavior.
Capital raising activity remained modest. Equity issuances reached MAD 80 million in March, all through public offerings. Bond issuances were absent during the month, though cumulative figures show MAD 2 billion raised since January. Meanwhile, negotiable debt securities totaled MAD 6.53 billion in March, bringing the year’s total to nearly MAD 16.9 billion.
Securities lending activity slowed slightly. Monthly volume edged down 1% to MAD 48.3 billion, though cumulative volume since the start of the year climbed to MAD 131.7 billion, up 67% compared to last year. Outstanding loans stood at MAD 50.7 billion, down 4% year to date but sharply higher over 12 months.
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