Casablanca stock market poised to be lever for Morocco’s economic development- international media

Morocco’s new development model emphasized the key role that Casablanca stock exchange is poised to play and set goals such as increasing market capitalization and initial public offerings.

However, the stock market suffered a lethargy in recent years with fewer listings and low secondary market activity as well as a flight of foreign investors.

The new development model aims at increasing the stock exchange market capitalization from 50 to 70% by 2035, increase the number of listed companies to 300 and attract more foreign investors to represent 25% of all transactions.

Speaking to Reuters, Mohamed Mokdad, Bourse chairman, said he expects at least three companies to list by 2023, adding that there is strong interest by SMEs.

He said incentives are put in place to encourage SMEs to list including a single window and lower costs.

Recent listings were oversubscribed with TGCC IPO receiving subscriptions that were 22 times higher, which proves the high demand from investors.

The bourse is holding its annual capital market days in Dubai this year, where a senior delegation including the management of the stock exchange, head of bourse regulator AMMC and finance minister are taking part to showcase the assets and attractiveness of Casablanca stock market.

Mokdad said the event comes after an increase in investments by Emiratis at the stock market.

He also said the bourse will introduce new financial instruments to attract more cash including ETFs and derivatives.