According to BKGR, the recent correction was anticipated and resembles a healthy technical movement, occurring after a particularly lucrative year for investors. The MASI's inability to sustainably surpass the symbolic threshold of 20,000 points, combined with heightened uncertainty due to international geopolitical tensions and internal social movements, prompted many operators to secure their gains. The GenZ212 movement, in particular, has added a short-term instability factor.
BKGR believes this consolidation potentially opens a strategic opportunity window for investors. The technical support at 18,700 points is a key threshold to monitor, while recovery targets are set between 20,500 and 21,000 points. Overall, the underlying scenario remains bullish, with a well-established upward channel.
The report also emphasizes the importance of the upcoming IPO pipeline currently in preparation. The realization of these IPOs, with official announcements still awaited, could revitalize the primary market and attract new capital flows, provided the social and economic context remains stable.
On the macroeconomic front, a significant event has bolstered confidence: Standard & Poor’s has upgraded Morocco's sovereign rating to BBB-/A-3, restoring the country to the Investment Grade category. This upgrade sends a strong signal to international markets, facilitating the Kingdom's access to external financing under more favorable conditions and reinforcing macroeconomic stability.
For BKGR, this decision marks a crucial milestone in the country's financial trajectory, confirming the credibility of the reforms undertaken and the resilience of its budgetary and monetary framework. Finally, the research office notes that the flattening of primary and secondary interest rate curves has continued in a context of controlled inflation and accommodative monetary policy. "This positioning suggests a potential decrease in the BANK AL-MAGHRIB's key rate by the end of 2025, following the status quo in September."
