Stocks Market
Casablanca Stock Market Holds Steady in H1 2026 While Mutual Funds Continue to Grow
After a strong rally in 2025, the Casablanca Stock Exchange entered a consolidation phase during the first half of 2026, with the MASI index slipping 3.34% to 18,217 points. Meanwhile, the collective investment sector kept its momentum, posting a 6.1% rise in net assets and attracting more retail investors, as evidenced by an 8.3% increase in the number of securities accounts.
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Market Overview
Following two consecutive years of strong gains, the Casablanca Stock Exchange (CSE) experienced a consolidation period in the first half of 2026. As of 30 June 2026, the MASI index stood at 18,217.27 points, down 3.34 % from the start of the year.
Overall market capitalization remained virtually unchanged at 1.043 trillion MAD, compared with 1.0407 trillion MAD at the end of 2025. Volatility rose noticeably, moving from 14.63 % in 2025 to 21.5 % in H1 2026, while liquidity slipped to 12.25 % in May 2026 from 14.23 % at year‑end 2025.
Bond Market Activity
Bond issuance stayed robust during the first five months of 2026. Treasury bills amounted to 58.18 billion MAD by end‑May, virtually identical to the 57.5 billion MAD recorded in the same period of 2025.
Private Debt Issuances
Private‑debt offerings reached 41 billion MAD by the end of May 2026, split between 32.7 billion MAD of negotiable debt securities and 8.3 billion MAD of bonds. The CCSRS highlighted this as a key contribution to diversifying Morocco’s financing sources.
Collective Investment Industry
By 19 June 2026, total net assets of mutual funds (OPCVM) climbed to 832.85 billion MAD, a year‑on‑year increase of 6.1 %. Net subscriptions amounted to 51.7 billion MAD, with most flows directed toward short‑term bond funds (51 %), money‑market funds (33 %) and diversified funds (19 %). Medium‑ and long‑term bond funds, by contrast, recorded net redemptions of 11 %.
Other collective‑investment vehicles also expanded: net assets of OPCI reached 140.71 billion MAD (Q1 2026), while OPCC and FPCT balances stood at 6.09 billion MAD and 32.32 billion MAD respectively.
Growing Retail Investor Base
The CCSRS noted a continued rise in retail participation. Securities‑account holders rose to 434,515 on 31 March 2026, up 8.3 % from December 2025. OPCVM unit holders reached 34,326 on 19 June 2026, with 74 % being resident individuals.
These trends signal a gradual broadening of the investor base and deeper market liquidity.