Morocco’s capital markets ended October on a solid trajectory, extending gains built steadily throughout 2025 despite a temporary cooling in trading activity, new data from the Moroccan Capital Market Authority (AMMC) shows.
The latest figures point to resilient investor confidence, buoyant bond issuance and strong inflows into institutional investment products, even as global markets continue to juggle political and economic uncertainty.
The MASI index closed October at 19,636.52 points, up 32.92 percent since the start of the year and 38.60 percent over the past 12 months. The rally marks one of the strongest annual advances in recent years and consolidates a trend that began in early spring when the market rebounded from brief volatility triggered by external macroeconomic pressures.
Market capitalization followed a similar pattern, climbing to MAD 1,036.57 billion (US$112b), a year-on-year increase of nearly 38%. The expansion reflects broad-based gains across several sectors, particularly banking, telecommunications, and consumer goods.
Despite rising valuations, trading activity slowed in October. Total volume fell to MAD 10.01 billion (US$1.08 billion), a drop of 24.6% from September. Analysts attribute the decline to a combination of profit-taking by institutional investors and a temporary pullback by retail traders after months of strong momentum.
But compared with the same period in 2024, activity remains sharply higher. Trading volumes have more than doubled year-on-year a signal, the AMMC notes, that investors remain far more active in 2025 than in the preceding cycle.
Collective investment schemes continued to expand at a rapid pace. Assets under management (AUM) reached MAD 790.46 billion (US$85.38 billion), up 21% since January. Equity funds recorded the most robust growth, posting gains of more than 55% so far this year. The rise reflects renewed confidence in Moroccan equities following a series of positive earnings reports and easing inflationary pressures that have supported household demand and corporate profitability.
Short-term bond funds which had served as safe havens during periods of uncertainty earlier in the year grew by nearly 47 percent. Meanwhile, medium- and long-term bond funds maintained their position as the largest category within the industry, with assets totaling MAD 370.95 billion (US$40.06 billion). These funds continue to attract inflows from pension schemes, insurers, and conservative investors seeking predictable returns.
Capital raising also accelerated sharply in October, driven overwhelmingly by bond issuance. Total issuance for the month reached MAD 14.1 billion (US$1.52 billion), bringing cumulative issuance for 2025 to MAD 97.8 billion (US$10.56 billion). That figure is 24 percent higher than during the same period last year.
Bond issuance alone surged 142 percent year-on-year, a jump the AMMC links to persistent investor demand for fixed-income products amid a favorable interest-rate environment and strong appetite from corporates seeking to refinance or expand.
Securities lending activity also increased. Lending transactions reached MAD 51.1 billion in October, while outstanding positions rose to MAD 39.5 billion (US$5.52 billion). Market observers say the expansion highlights growing sophistication among institutional investors and a greater reliance on lending mechanisms to boost liquidity and facilitate short-term positioning.
Overall, the October data reinforces the steady strengthening seen throughout 2025. While short-term fluctuations in trading volumes persist, the underlying trend points to a market supported by robust fundamentals, deeper participation, and sustained demand for both equities and fixed-income instruments.
Economists say Morocco’s capital markets are benefiting from structural reforms, improved corporate transparency, and rising interest from foreign investors seeking stability in North Africa. With bond issuance expected to remain strong through year-end, and with equities continuing to draw inflows, the AMMC projects a firm close to 2025.
A brief history about Morocco’s Capital Market
Morocco’s capital market traces its roots to the Casablanca Stock Exchange (CSE), created in 1929 during the French Protectorate. At the time, the market was small, dominated by foreign commercial interests and limited to a handful of trading firms serving colonial-era businesses. Regulation was minimal, and the market had little influence on Morocco’s domestic economy.
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After independence in 1956, the state gradually sought to nationalize and localize economic activity, but the stock exchange remained underdeveloped, with very low liquidity and limited investor participation.
