Transforming Investor Profiles: The Rise of Individual Investors at the Casablanca Stock Exchange
Significant Growth in Trading Activity
Over the past two years, the Casablanca Stock Exchange has experienced a notable revival, largely fueled by an unprecedented influx of individual investors. By the third quarter of 2025, total trading volumes surged to 34.4 billion dirhams, marking a staggering 162% increase compared to the same period in 2024.
This upward trend coincided with a positive performance in the equity market, where major indices have shown substantial growth since late 2024. In this favorable environment, the role of individual investors in trading activities has significantly strengthened.
Rising Participation of Individual Investors
Since 2023, the participation of Moroccan individual investors in the stock market has followed a clearly upward trajectory. According to data from the Moroccan Capital Market Authority, individual investors accounted for approximately 11% of trading volumes in the second quarter of 2023. This figure has dramatically increased to 27% by the second quarter of 2024, indicating a rapid expansion of the individual investor base.
The growth is also reflected in the number of securities accounts held by individuals, which rose from 152,676 at the end of the second quarter of 2023 to 169,863 a year later, representing an 11% increase. Throughout 2024, individual investors maintained a significant presence in trading, confirming their lasting integration into the market structure.
A Milestone Year: 2025
The year 2025 marked a further milestone. In the first quarter, individual investors accounted for nearly a quarter of total trading volumes. This trend intensified in the second quarter, during which Moroccan individuals generated more trading volumes than institutional investors.
By the third quarter of 2025, individual investors represented over 30% of trading volumes on the equity market, an unprecedented level for the Casablanca Stock Exchange.
Surge in Transactional Activity
The rise of individual investors has been accompanied by an unparalleled increase in transactional activity. In the third quarter of 2025, the number of stock orders on the equity market reached 789,177, which is 2.4 times higher than the previous year. The number of contracts executed also more than doubled, rising to 405,476 from 156,434 in the third quarter of 2024.
Most trading activity was concentrated in the central market, which accounted for 88% of total volumes. In this segment, transactions increased from 12.9 billion dirhams in the third quarter of 2024 to 30.1 billion dirhams in the third quarter of 2025, reflecting a year-on-year growth of 133.6%. This acceleration indicates both a resurgence in liquidity and heightened activity among individual investors.
Behavioral Risks Amidst Growth
While this dynamic enhances market depth and improves liquidity for listed securities, it also raises concerns regarding stability and investor behavior. A massive influx of new entrants, often less experienced, can lead to herd behavior. In bullish phases, such behavior may drive certain stocks beyond their fundamental values, while in downturns, it can exacerbate declines.
This phenomenon is further amplified by the rapid dissemination of information on social media and the proliferation of unauthorized investment recommendations. Without exaggeration, these factors expose a segment of individual investors to significant losses in the event of sharp market corrections.
Strengthening Financial Education and Regulatory Oversight
Recognizing these risks, market authorities have intensified financial education and awareness initiatives. The Casablanca Stock Exchange launched a trading simulator in February 2024, allowing savers and students to familiarize themselves with market operations through virtual portfolios.
Additionally, the Moroccan Capital Market Authority has developed a public educational portal that consolidates educational content and practical tools aimed at enhancing financial literacy. The regulator also consistently reminds the public that investment advisory services are strictly regulated and require prior authorization, while continuing its outreach efforts through informational campaigns and educational interventions.
A Structural Shift in Market Dynamics
The emergence of individual investors as a key player in the Casablanca Stock Exchange represents a structural evolution in the market. Within just a few quarters, their share of trading volumes has reached an unprecedented level, nearing one-third of the equity market by the third quarter of 2025.
This trend presents positive prospects for liquidity and financing for listed companies. However, it also calls for increased vigilance to ensure that the enthusiasm of new investors aligns with responsible practices, contributing sustainably to the development of the capital market.