Stock Market: Individual Investors Generated More Volume than Institutions in Q2 2025

The latest market statistics published by the AMMC on November 4 indicate that trading in the central market's equity segment was primarily driven by mutual funds (OPCVM), which accounted for 36.7% of the total transaction volume. Individual Moroccan investors followed with a share of 27.9%, a level not seen since the third quarter of 2017. In third place, Moroccan legal entities represented 25.4%, while foreign legal entities accounted for 6.3%, and investors operating through the banking network made up 3.5% of the volume. In terms of transaction direction, the breakdown between purchases and sales reveals the following key observations: - Mutual funds, in a net buying position, executed purchases amounting to 11.4 billion dirhams and sales valued at 9.3 billion dirhams. Compared to the same period in 2024, their purchases and sales increased by 2.1 times and 1.7 times, respectively. - Individual Moroccan investors made purchases totaling 7.7 billion dirhams against sales of 8 billion dirhams. Both their purchases and sales rose compared to Q2 2024, by 73.7% and 83%, respectively. Activity volumes remained nearly stable compared to Q1 2025. - Moroccan legal entities, in a net selling position, recorded sales worth 7.9 billion dirhams and purchases of approximately 6.4 billion dirhams. Their purchases and sales increased by 15.2% and 68.9%, respectively, compared to Q2 2024. - Foreign legal entities made purchases amounting to 1.7 billion dirhams, three times the volume observed in Q2 2024, and 1.8 times that of Q1 2025. Their sales reached 1.8 billion dirhams, reflecting a 42.7% increase compared to Q2 2024 and a 9% rise compared to Q1 2025. - Investors whose orders pass through the banking network made purchases totaling 858 million dirhams and sales valued at 1.1 billion dirhams. Their purchases and sales increased by 92.3% and 49.5%, respectively, compared to Q2 2024. However, these figures decreased by 17.8% and 22.3% compared to Q1 2025. It is noteworthy that activity in the central capital market recorded a total of 556,336 orders in Q2 2025, marking a 71.3% increase compared to Q2 2024 and a 1.9% rise compared to Q1 2025. Additionally, the number of contracts reached 276,449 in Q2 2025, reflecting a 71.1% increase from Q2 2024 (161,581 contracts) but a slight contraction of 2.3% compared to Q1 2025 (282,947 contracts). The central market accounted for the majority of trading, representing 91% of the total volume, amounting to 28.2 billion dirhams in Q2 2025. This level indicates a significant increase of 71% compared to Q2 2024 (16.5 billion dirhams), but a decrease of 10.5% compared to Q1 2025 (31.6 billion dirhams). Meanwhile, the block market contributed 9% to the overall volume, with a total of 2.9 billion dirhams.