Casablanca Stock Exchange Kicks Off 2026 with Strong Momentum Following a Robust 2025
2025 Performance Overview
The performance of the stock market in 2025 is undeniably impressive. The equity market recorded a robust annual return of nearly 28%, characterized by significant index gains, strong trading volumes, and a notable resurgence in retail investor participation.
The primary market also saw increased activity, culminating in a record market capitalization, despite some turbulence towards the end of the year. Overall, 2025 was a dynamic year, marked by challenges but ultimately successful.
Strong Start to 2026
The transition into 2026 has been seamless. On the first trading day of the year, the MASI index opened with vigor, climbing nearly 2% to reach 19,208 points, its highest level since November 10, 2025.
Investor appetite for risk was evident from the outset, indicating that the bullish momentum tested at the end of the previous year remains intact with the new calendar year.
January Trading Dynamics
January typically serves as a period for strategic adjustments and portfolio repositioning, and this year is no exception. Fund managers reset their strategies, recalibrating their portfolios and assessing market depth.
This year, the testing environment has been relatively constructive. From December 29 to January 2, the MASI index rose by 3.96%, closing at 19,208.36 points on significant trading volumes.
Total trading reached 5.98 billion dirhams, with 4.9 billion dirhams on the central market and 1.04 billion dirhams in block trades. SGTM led the activity, accounting for 32.37% of the total volume, followed by Attijariwafa Bank at 12.49% and BCP at 9.05%.
Looking Ahead to 2026
As the market gains momentum, attention shifts to the catalysts for the upcoming year. Following three consecutive years of growth, the equity market enters 2026 with generally favorable prospects, albeit with heightened expectations.
According to projections from M.S.IN, the underlying trend established since 2023 is expected to continue, driven by a mix of macroeconomic, sectoral, and financial factors that sustain the relative appeal of equities.
However, the current environment calls for a more selective approach. Valuation levels in certain market segments necessitate careful consideration.
Despite recent volatility and a Moroccan market that has become pricier compared to some regional peers, the profitability of several listed companies remains attractive.
Strategic Focus for Investors
Thus, the key to success in 2026 will hinge less on timing and more on the selection of investments. Investors should prioritize companies that offer clear visibility, reasonable valuations, anticipated profit improvements in 2026 compared to 2025, and strong fundamentals.
This disciplined and analytical approach aligns with a market that has matured significantly. As the Casablanca Stock Exchange embarks on the new year, it does so with renewed ambitions, building on the legacy of a stellar 2025.