2026 Outlook: What Drives Morocco’s Stock Market Transition?

After three consecutive years of strong expansion, Morocco’s equity market is entering a transition phase in 2026. BMCE Capital Global Research (BKGR) expects growth to become more quality‑driven, anchored by earnings fundamentals, sector selectivity and deeper market liquidity. Although the macro backdrop stays supportive, investors should anticipate a short‑term profit‑taking window around February‑March as 2025 results are released, while keeping an eye on catalysts such as a sovereign rating upgrade, continued infrastructure spending and commodity price trends.

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