Morocco’s capital markets showed a mixed performance in March, with rising trading activity and strong gains in certain investment funds contrasting with broader declines in key market indicators, according to official data released by the market regulator.
Trading on the Casablanca Stock Exchange reached 10.6 billion dirhams (US$1.1 billion) in March, up 24.8 percent from the previous month, reflecting a rebound in market activity after a slower start to the year. However, cumulative trading volume for the first quarter stood at 27.6 billion dirhams, down 17.4 percent compared with the same period in 2025.
The benchmark MASI index ended March at 17,160 points, marking a decline of 8.95 percent since the beginning of the year. Market capitalization also weakened, falling 7.46 percent year to date to 963 billion dirhams, despite a 4.08 percent increase over the past 12 months.
The contrasting movements highlight a market environment characterized by short-term volatility and cautious investor sentiment, even as longer-term indicators remain relatively stable.
According to data from the Moroccan Capital Market Authority, collective investment schemes (OPCVMs) showed uneven performance across asset classes. Total net assets across 614 funds stood at 772 billion dirhams, down 1.65 percent since the start of the year.
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Equity funds recorded the steepest decline, falling 7.39 percent, while diversified funds posted a 3.21 percent increase. Bond funds showed mixed results: short-term bond funds edged up 0.54 percent, while medium- and long-term bond funds declined 4.02 percent.
One notable exception was contractual investment funds, which surged more than 74 percent year to date, standing out as the strongest-performing segment in the asset management sector.
Net subscriptions across funds reflected a similarly uneven picture, with inflows concentrated in select categories while others continued to record outflows, suggesting cautious positioning by investors amid uncertain market conditions.
Capital raising activity remained subdued during the month. Equity issuances totaled 80 million dirhams, all conducted through public offerings. No bond issuances were recorded in March, although cumulative bond issuance since January reached 2 billion dirhams.
In contrast, negotiable debt securities showed stronger activity, totaling 6.53 billion dirhams in March and bringing year-to-date issuance to nearly 16.9 billion dirhams.
The money market also saw sustained activity in securities lending. Monthly volumes edged down slightly by 1 percent to 48.3 billion dirhams, but cumulative activity since the start of the year rose sharply by 67 percent compared with the same period last year. Outstanding loans stood at 50.7 billion dirhams, down 4 percent year to date but significantly higher on an annual basis.
Market analysts note that the data reflects a dual dynamic in Morocco’s financial system: resilient liquidity and strong activity in specific segments, alongside persistent pressure on equity valuations and traditional listings.
Overall, the figures point to a capital market in transition, where investor appetite appears increasingly selective, favoring fixed income and alternative investment structures over equities.
