Stocks Market
Morocco’s Capital Market Sets New Records in 2025 – Indexes Surge Over 27%
The Moroccan Capital Market Authority (AMMC) published its fifth "Capital Market in Figures" report, revealing a spectacular acceleration across all market indicators in 2025. Boosted by a favourable macro‑economic environment and strong sector‑wide performance, the main benchmark rose 27.6%, trade volumes jumped 63% and market capitalisation broke the 1.04 trillion‑dirham barrier. Institutional investors remained dominant, collective investment funds grew over 20%, and the primary market raised a record 143.6 billion dirhams, highlighted by three IPOs. The data signals solid fundamentals and a bullish outlook for Moroccan equities and bonds.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
The Moroccan Capital Market Authority (AMMC) released the fifth edition of its "Capital Market in Figures" report, showing a remarkable acceleration across all market indicators in 2025. Thanks to a favourable macro‑economic backdrop and strong performance of the market segments, the main benchmark rose 27.6%.
Market indexes and capitalisation
The Casablanca benchmark closed the year up 27.6%, while the MASI‑20 and FTSE CSE Morocco‑15 gained 24.5% and 27.6% respectively. Total market capitalisation crossed the 1,040.7 billion‑dirham threshold for the first time, an increase of 288.3 billion dirhams over the previous year.
Trading activity
Overall trading volume jumped 63% to reach 161.1 billion dirhams, driven almost entirely by the primary market, whose activity surged 98.2% YoY. The market’s liquidity ratio improved to 14.2% from 12.5% a year earlier.
Investor composition
Institutional investors dominate the equity market. Moroccan legal entities accounted for 34% of traded volume, ahead of collective investment schemes (30%) and domestic retail investors (26%). Foreign investors held a stable 5% share of flows, while foreign‑owned capitalisation stood at 21.2%, mainly strategic holdings.
Collective investment funds
Net assets of collective investment organisations (OPC) grew 22.1% to 956.3 billion dirhams. Mutual funds (OPCVM) remain the largest segment with 785.1 billion dirhams (+20.2%). Real‑estate investment companies (OPCI) reached 134 billion dirhams (+22.5%) and private debt funds (FPCT) surged 83% to 31.8 billion dirhams.
- Equity funds posted the strongest growth, with net assets up 44.2% to 77.2 billion dirhams, supported by market performance and a net inflow of 10.6 billion dirhams.
- Short‑term bond funds also expanded (+43.8%) and attracted a net inflow of 31.1 billion dirhams.
Primary market
Capital raised in the primary market rose 30.6% to 143.6 billion dirhams. The year saw three IPOs – Vicenne, Cash Plus and SGTM – totalling 6.1 billion dirhams. Corporate bond issuance amounted to 66.9 billion dirhams, while negotiable debt securities reached 66.2 billion dirhams.
Other highlights
The securities lending‑borrowing market expanded 25.4% to 435.6 billion dirhams. The number of securities accounts grew to 401,169, with resident retail investors representing roughly 90% of new accounts.
According to the AMMC, the strong results reflect solid fundamentals, a more resilient economy and the upcoming 2030 infrastructure agenda.