Private investors drive growth of Casablanca stock exchange

The second quarter of 2025 marks a turning point for Morocco’s capital market, as the Casablanca Stock Exchange posts its strongest liquidity and depth levels in years, powered by a notable comeback of retail investors, alongside robust activity from mutual funds and a more predictable macroeconomic environment.

After years of institutional dominance, the market structure is shifting towards Moroccan individuals, who are now accounting for 27.9% of total trading volume, a level unseen since 2017.

Data from the Moroccan Capital Markets Authority shows retail investors executed 7.7 billion dirhams in purchases and 8 billion in sales, representing year-on-year increases of 73.7% and 83%, respectively.

Analysts attribute this surge to improved investor confidence, easier digital access to trading platforms, and households seeking alternatives to low-yield traditional savings.

Once associated with short-term speculation, retail investors are adopting more structured strategies, focusing on banking, retail, and real estate stocks.

Institutional investors remain the market’s anchor, with mutual funds (OPCVM) capturing 36.7% of total volume and doubling their transactions over the past year.

Their net buying position, 11.4 billion dirhams in acquisitions versus 9.3 billion in sales, reflects renewed appetite for equities amid stable bond yields.