Foreign Investor Activity in Morocco’s Equity Market in 2024

The sectoral distribution of volumes traded by foreign investors on the Moroccan Equity market in 2024 shows a strong concentration around four main sectors, which together account for 66% of total activity.

According to the Moroccan Capital Market Authority (AMMC), the banking sector holds the largest share, representing nearly 31.2% of all volumes traded by foreigners. It is followed by the Building and Construction Materials sector, which captures 13.3% of the traded volume.

Foreign investors interested in a few sectors

Two other sectors also play a notable role in attracting foreign investor interest. The Distributors sector represents 11.6% of the total volume, while the Telecommunications sector accounts for 9.8%. These figures highlight the sectors that were most appealing to foreign participants throughout the year.

In terms of year-to-year evolution, the Banks and Building and Construction Materials sectors recorded significant changes. The Banks sector reached a traded volume of 2.5 billion dirhams (MMDH) in 2024, up from 2.1 MMDH in 2023. Meanwhile, the Building and Construction Materials sector experienced a considerable jump, rising from 392 million dirhams (MDH) in 2023 to 1.1 MMDH in 2024.

Foreign Investor Flows and Market Structure

Regarding overall flows traded on the Casablanca Stock Exchange, foreign investors contributed 8 billion dirhams to transaction volumes in 2024. This represents 4.5% of the annual volume recorded across both the central and block markets. The activity of foreign investors continues to reflect a market dynamic dominated by legal entities, which concentrated nearly all foreign-driven transactions.

From a geographical perspective, European investors were the most active participants, accounting for 46% of the total foreign volume traded in 2024. They were closely followed by African investors, who represented 44% of the year’s activity.

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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