Morocco’s Capital Market Shows Mixed Trends Amid Ongoing Correction

According to the AMMC’s monthly indicators, the capital market in Morocco ended March 2026 with a contrasting trend, between a decline in the MASI, a decrease in the net assets of UCITS and resistance in trading volumes.

The capital market closed March 2026 with a mixed picture. The Casablanca Stock Exchange has remained under pressure since the beginning of the year, but trading volumes recovered during the month.

At the same time, UCITS (Undertakings for Collective Investment in Transferable Securities) are losing momentum, capital raising is down compared to 2025 in Morocco, and securities lending and borrowing has maintained strong growth over the past twelve months.

According to the AMMC’s (Moroccan Capital Market Authority) monthly indicators, the MASI (Moroccan Stock Exchange Index) stood at 17,160.54 points at the end of March, down 8.95% since January.

A Stock Market Correction Still Visible in Morocco

After the rebound observed in part of the previous year, the stock market in Morocco is entering a period of consolidation. Market capitalization stood at 963.03 billion dirhams (MAD) at the end of March 2026, down 7.46% since the beginning of the year. Over twelve months, however, it remains up 4.08%, demonstrating that the recent correction has not entirely erased the gains accumulated over a longer period.

The MASI’s movement therefore reflects less of a market break than a market adjustment. The nearly 9% decline since January comes in a context where investors appear more selective, after several months of higher valuations. This caution is also reflected in the decline in cumulative volume since the beginning of the year, even though March saw a rebound in activity.

Trading volumes rebound in March

The volume traded on the stock market in Morocco reached 10.56 billion dirhams in March, a month-on-month increase of 24.83%. This growth indicates that the market in Morocco remains active, despite the index correction. Year-to-date, trading volume totaled 27.65 billion dirhams, a decrease of 17.43% compared to the same period in 2025.

UCITS Under Slight Pressure

In the collective investment management sector, net assets of UCITS stood at MAD 772.12 billion as of March 27, 2026, down 1.65% since the beginning of the year, according to the AMMC (Moroccan Capital Market Authority). Medium- and long-term bond funds remain the market’s largest category, with MAD 358 billion in net assets, but have declined by 4.02% since January.

Equity mutual funds, more exposed to market corrections in Morocco, stood at 71.51 billion dirhams, down 7.39%. Money market funds reached 107.43 billion dirhams, a decline of 2.43%. Conversely, diversified funds rose by 3.21% to 106.04 billion dirhams, while short-term bond funds advanced slightly by 0.54% to 113.82 billion dirhams.

Capital raising slows

On the financing front, capital raising in Morocco reached 6.61 billion dirhams (MMDH) in March. Year-to-date, it totals 19.45 billion dirhams (MMDH), compared to 24.26 billion dirhams (MMDH) at the end of March 2025. This represents a decline of approximately 20% year-on-year. Negotiable debt securities issuance constitutes the bulk of the activity, with 16.87 billion dirhams (MMDH) raised by the end of March.

Commercial paper accounts for 7.9 billion dirhams (MMDH), certificates of deposit 5.45 billion dirhams (MMDH), and corporate bonds 3.52 billion dirhams (MMDH). Bond issuance reached 2 billion dirhams (MMDH) in the first three months of the year, compared to 5.8 billion dirhams (MMDH) a year earlier.

Securities lending and borrowing remains dynamic

The securities lending and borrowing segment in Morocco is showing more favorable trends. The volume of transactions reached MAD 48.3 billion in March, a slight decrease of 1% month-on-month. Since January, it has reached MAD 131.7 billion, an increase of 67% compared to the same period in 2025. Outstanding amounts reached MAD 50.7 billion at the end of March.

This represents a 4% decrease since the beginning of the year, but a 40% increase over twelve months. This segment thus confirms its growing role in driving market activity in Morocco, at a time when other segments are proceeding with greater caution.

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(Featured image by Jakub Zerdzicki via Unsplash)

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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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