In the third quarter of 2024, Moroccan institutional investors and collective investment funds solidified their dominance on the Casablanca Stock Exchange. According to a report from the Moroccan Capital Market Authority (AMMC), these groups accounted for 62.4% of transaction volumes on the central market’s equities segment. Individual Moroccan investors followed with a 25.8% share, while foreign legal entities and bank-network investors contributed 5.9% and 5.5%, respectively.
Institutional investors lead the market
Collective Investment Schemes (OPCVM) emerged as net buyers during the quarter, purchasing shares worth 5.1 billion dirhams (MMDH) and selling 3.8 MMDH. Despite their prominent position, both their purchase and sale volumes dropped compared to the second quarter of 2024, declining by 4.1% and 29.1%, respectively.
Moroccan legal entities also remained active, with purchases amounting to 3.1 MMDH against sales of 3.9 MMDH. However, their trading activity saw notable declines from the previous quarter, with purchases dropping 43.5% and sales falling 17.7%.
Moroccan individual investors gain momentum
Moroccan individual investors nearly doubled their purchase volumes compared to Q3 2023, reaching 3.3 MMDH. This figure represents a 26.6% decline from Q2 2024. Their sales matched their purchases, totaling 3.3 MMDH, marking an 89.7% surge year-on-year but a 24.2% drop from the previous quarter.
Foreign investors and bank-network activity
Foreign legal entities purchased 731 million dirhams (MDH) of shares, reflecting a quarter-on-quarter increase of 25.4% and a year-on-year rise of 5.4%. Their sales reached 762 MDH, a decrease of 40.6% from Q2 2024 but an increase of 3.2% compared to Q3 2023.
Investors operating through bank networks also saw mixed results. Their purchases dipped slightly by 3.9% from the previous quarter but doubled compared to Q3 2023. Their sales, however, rose sharply by 34.3% quarter-on-quarter and 39.4% year-on-year.
Overall market performance
The overall trading volume on the Casablanca Stock Exchange’s central and block markets climbed to 13.1 MMDH in Q3 2024, up 49.2% compared to 8.8 MMDH in the same period of 2023.
The stock market indices closed the quarter on a high note, with MASI and MASI 20 increasing by 8.06% and 8.12%, respectively. Combined with strong performances in the first and second quarters, the year-to-date gains reached 18.9% for MASI and 17.4% for MASI 20 by the end of September 2024.
A buoyant year for Moroccan capital markets
The strong performance of the Casablanca Stock Exchange in 2024 reflects growing investor confidence and increased activity across all market segments. As institutional investors continue to drive market dynamics, the steady involvement of individuals and foreign players suggests a robust and diverse investment landscape for Morocco’s capital markets.
