Stocks Market
Moroccan Mutual Funds Lead Trading Activity on Casablanca Stock Exchange in Q1 2026
During the first quarter of 2026, Moroccan mutual funds (OPCVM) and local corporate investors accounted for nearly two‑thirds of all equity transactions on the Casablanca Stock Exchange. Although overall trading volumes fell sharply compared with the previous quarter, the number of orders and contracts surged, indicating a more active market despite the price declines in the MASI and MASI‑20 indices.
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Overview of Q1 2026 Trading Activity
The Casablanca Stock Exchange recorded a total turnover of 27 billion MAD across its central and block markets in the first quarter of 2026. This represents a drop from 38.5 billion MAD in Q4 2025 and 33.3 billion MAD in Q1 2025. Both the MASI and MASI‑20 indices fell 8.9 % and 12.4 % respectively for the quarter, and are down 3.35 % and 10.03 % year‑on‑year.
Investor Composition
Three investor groups dominate the equity segment of the central market:
- OPCVM (mutual funds): 38.4 % of quarterly volume
- Moroccan corporate entities: 27.2 %
- Moroccan retail investors: 22.6 %
Foreign corporate investors contributed 6.1 % of the volume, while banking‑channel flows accounted for 5.4 % and foreign retail investors only 0.3 %.
Net Buying vs. Selling Positions
OPCVM were net buyers, purchasing 10.8 billion MAD of shares and selling 9.3 billion MAD. Their purchases fell 26.8 % YoY, but sales rose 6.1 %.
Moroccan corporate investors showed a net‑selling stance, with sales of 7.9 billion MAD against purchases of 6.3 billion MAD. Both buying and selling volumes for this group declined YoY (‑10.2 % and ‑31.7 %).
Local retail investors remained net buyers, buying 6.2 billion MAD (‑19.8 % YoY) and selling 5.6 billion MAD (‑29.5 % YoY).
Foreign corporate investors surged in purchases, reaching 1.63 billion MAD (+70.2 % YoY), while their sales fell to 1.55 billion MAD (‑7.5 %).
Order and Contract Activity
Even with lower volumes, market activity intensified: the number of equity orders rose 59.2 % YoY to 869,262, and contracts increased 47.2 % YoY to 416,399.
Market Segmentation
The central market absorbed 98 % of total trading, handling 26.3 billion MAD in volume—still down 16.7 % YoY and 15.3 % versus Q4 2025. The block market contributed the remaining 2 % (≈ 569 million MAD).
These figures underline the continued dominance of Moroccan mutual funds and corporate investors in the country’s equity market, despite a challenging price environment.