Morocco’s capital market enters a pivotal phase where depth, liquidity, and instrument diversification become primary determinants of future attractiveness, according to institutional leaders, market operators, and public authority representatives convened by the Professional Association of Brokerage Firms (APSB). The Casablanca Stock Exchange’s market capitalization exceeding 1 trillion dirhams—over 60% of national GDP—signals confidence recovery and deepening markets.
APSB President Amine Maamri emphasized that while index stability and performance matter, financial markets are judged primarily on capacity to create movement, generate liquidity, and sustainably attract investors. Liquidity remains the central challenge conditioning efficient price formation, transaction fluidity, and actor confidence, requiring collective ecosystem mobilization.
Casablanca Stock Exchange Director General Nasser Seddiqi reported transaction volumes reached 121 billion dirhams, doubling from the previous year. Individual investor participation rose from 10% to nearly 30% within two years, reflecting progressive market access democratization through platform digitalization and collective promotion. This retail investor surge repositions the exchange as savings and financial inclusion vehicle while reinforcing investor protection, financial education, and operational robustness requirements.
The exchange’s transformation into an integrated group covering cash markets, derivatives, clearing, and technological infrastructure should strengthen operational efficiency and regional attractiveness. The derivatives market launches April 6, offering index and interest rate contracts providing new hedging and risk management instruments, marking progression from cash-centered trading to sophisticated maturity.
Finance Minister Nadia Fettah Alaoui emphasized Morocco traverses a confidence and stability phase marked by investment-grade restoration, near-5% growth, and new structural investment cycles. Recent signals prove encouraging—160,000 individuals participated in the latest IPO, a historical record, the MASI index progressed over 60% across three years, and capitalization surpassed 1 trillion dirhams. However, momentum remains concentrated among limited large capitalizations.
The minister advocated transforming the exchange into genuine growth financing tool for all Moroccan enterprises, particularly SMEs, through secondary market development and small-to-medium capitalization liquidity improvement. The Mohammed VI Investment Fund will play structural roles strengthening company equity and feeding future IPO pipelines.
