Market Overview
The MASI index experienced a sharp decline of 3.03% at the start of trading, settling at 17,591.48 points after briefly touching 17,419.59 points. This drop has breached several key technical levels that had previously supported the market.
The MASI 20 index also fell, decreasing by 3.57% to 1,330.48 points, which brings its year-to-date performance down to a negative 10.44%.
Trading Volume and Key Players
Trading volumes reached 148 million dirhams, indicating significant selling pressure in the market. Managem led the trading activity with transactions totaling 20 million dirhams.
TGCC followed with 17 million dirhams in volume, experiencing a decline of 4.50% to 764 dirhams. SGTM also faced a downturn, dropping 5.61% to 774 dirhams on 13 million dirhams traded.
Mining Stocks Show Resilience
In contrast to the overall market decline, mining stocks demonstrated notable strength. SMI recorded the highest increase, rising by 8.79% to 7,598 dirhams.
Managem also saw gains, climbing 5.87% to 8,999 dirhams, while CMT advanced by 4.47% to 3,739 dirhams.
Market Sentiment
As of 10:50 AM, 49 stocks were in decline, compared to only 6 that recorded gains, reflecting a predominantly bearish sentiment in the market.
