Stocks Market
Morocco's Capital Markets Surge in 2025 – Record Gains Across All Indicators
The Moroccan Capital Markets Authority (AMMC) reports an unprecedented surge in 2025, with the main Casablanca index climbing 27.6% and market capitalisation breaching the 1.04 trillion‑dirham mark. Trading volumes, liquidity ratios and institutional participation all jumped sharply, signalling a robust and resilient financial ecosystem. Key highlights include a 63% rise in total turnover, a 22% increase in collective‑investment assets, and a 30% boost in primary‑market capital raising. The data points to a bullish outlook for Morocco’s equity and bond markets as the country gears up for major infrastructure projects by 2030.
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2025: A Record‑Breaking Year for Moroccan Capital Markets
The Moroccan Capital Markets Authority (AMMC) released the fifth edition of its Capital Markets in Numbers report, highlighting a dramatic acceleration across every key metric of the Kingdom’s financial market.
Market indices surged dramatically – the Casablanca benchmark closed the year up 27.6 %, while the MASI‑20 and FTSE CSE Morocco‑15 indices posted gains of 24.5 % and 27.6 % respectively. Market capitalisation broke the 1,040.7 billion‑dirham barrier, a jump of 288.3 billion dirhams year‑on‑year.
Trading activity exploded: total turnover rose 63 % to reach 161.1 billion dirhams**, driven largely by the primary market, which alone climbed 98.2 %. The market‑liquidity ratio improved to 14.2 % from 12.5 % a year earlier.
Who Is Driving the Trade?
Institutional investors dominate the equity segment. Moroccan corporate entities accounted for 34 % of traded volume, ahead of mutual funds (OPCVM) at 30 %, while domestic retail investors held 26 %. Foreign investors kept a stable 5 % share of flows, and foreign‑owned capital plus the Moroccan diaspora now own 21.2 % of market capitalisation, mainly through strategic stakes.
Collective Investment Growth
Net assets of collective investment vehicles (OPC) climbed to 956.3 billion dirhams**, a 22.1 % increase. OPCVMs remain the largest segment with 785.1 billion dirhams** (up 20.2 %). Real‑estate OPCIs grew to 134 billion dirhams** (+22.5 %), while private‑equity FPCTs surged 83 %** to reach 31.8 billion dirhams**.
By fund type, equity funds led the rise, adding 44.2 % in net assets to reach 77.2 billion dirhams**, bolstered by strong market performance and a net inflow of 10.6 billion dirhams**. Short‑term bond funds also posted a robust 43.8 %** increase, pulling in 31.1 billion dirhams** of net contributions.
Primary‑Market Highlights
Capital raising on the primary market jumped 30.6 % to 143.6 billion dirhams**. The year saw three IPOs – Vicenne, Cash Plus and SGTM – collectively adding 6.1 billion dirhams**. Corporate bond issuance was lively, with 66.9 billion dirhams** raised, while negotiable debt securities reached 66.2 billion dirhams**.
The securities‑lending market also expanded, recording a volume of 435.6 billion dirhams**, up 25.4 %** YoY. The number of registered margin accounts now stands at 401,169**, with resident retail investors accounting for almost 90 % of new accounts.
Outlook
According to AMMC, the impressive results underline a solid foundation for the Moroccan financial system, backed by a more resilient macro‑environment and the pipeline of infrastructure projects slated for completion by 2030.