Casablanca’s stock market has endured two weeks of turbulence after the outbreak of the war in the Gulf triggered fears of soaring oil prices and a return of runaway inflation.
Casablanca’s reaction has been sharper than in several regional markets with greater direct exposure to the conflict. Between February 20 and March 3, Egypt’s exchange lost 7.8%, compared with a 12.3% slide in Casablanca.
While the downturn has been broad, some sectors suffered disproportionately. Newly listed firms and construction companies were hit hardest, market analyst Adil Hlimi told L’Opinion.
In this respect, construction companies such as TGCC has shed about 30% of its value since the start of the year, while SGTM is down 25%.
Banks, with already modest valuations, experienced less severe declines. In contrast, mining stocks benefited from the flight to safe‑haven assets. Managem has gained 25% in 2026 amid expectations of higher commodity and gold prices.
Much of the volatility has been driven by retail investors, whose market presence has grown markedly. Their share of trading has climbed from an average of 12% between 2019 and 2023 to 28% since 2025, fuelled by a wave of IPOs and the rise of portfolio‑management operators catering to individuals. Many of these managers rotate portfolios aggressively, amplifying swings during uncertainty.
Underlying the panic is the memory of 2022, when Russia’s invasion of Ukraine sent oil prices above $100 and pushed Morocco’s inflation to an historic 8.3%. Investors fear a repeat if the conflict drags on.