Market Stability Following a Period of Excess
The Casablanca Stock Exchange, after experiencing an extraordinary period of exuberance, seems to be transitioning into a phase of rationality. While the technical breathing observed throughout 2026 cannot completely mask an underlying trend that remains firmly rooted in positive territory, it signals a necessary adjustment. Following an exceptional three-year span where the benchmark index, MASI, soared by 12.8% in 2023, 22.2% in 2024, and an impressive 27.6% in 2025, the decline witnessed since the start of this year resembles more of a healthy consolidation rather than a complete reversal of trend. According to _Finances News Hebdo_, "Despite the global geopolitical uncertainties and the renewed caution among investors that have intensified this bearish movement, the fundamentals of the Moroccan market are still based on a solid microeconomic foundation."
Robust Corporate Growth and Economic Outlook
The remarkable increase in the overall profitability of listed companies, which surged from 28.6 billion dirhams in 2021 to 50.9 billion in 2025, demonstrates that stock valuations are grounded in genuine value creation rather than mere speculation. This profitability engine remains the primary asset for the financial market, especially as the national macroeconomic framework continues to provide encouraging signals. With an anticipated economic growth rate of 5.2% for 2026—driven by agricultural recovery, household consumption, and investment—all in a context of controlled inflation and monetary stability, Morocco possesses significant advantages. The expected return of the public treasury to the Investment Grade category is likely to further attract foreign capital.
According to projections from BMCE Capital Global Research, the aggregated revenue of the Scope 40 is expected to grow by 13.6% in 2026, reaching 352.2 billion dirhams, and climbing to 376.6 billion the following year. Concurrently, operational results are projected to surpass 95.9 billion dirhams, marking a 6% increase, and reaching 103.6 billion by 2027. _Finances News_ notes that "While gross profitability is expected to settle at 49.7 billion dirhams in 2026, the underlying growth in net income from the group, adjusted for exceptional items related to the historical operator Maroc Telecom, would show a robust increase of about 13%." This positive momentum is widely acknowledged, particularly as the financial sector, extractive industries, and insurance emerge as the true engines of this growth.
Banks are benefiting from a significant rise in their net banking income, stringent management of their operational costs, and a gradual stabilization of their risk costs. Meanwhile, industrial companies are fully taking advantage of the revival of major national infrastructure projects. The insurance sector is also undergoing a profound restructuring, with the merger of Allianz and Sanlam, a major operation that mechanically boosts issued premiums and sector profitability. Beyond mere accounting publications, deep structural factors are supporting the market. The overall market capitalization has surpassed the symbolic threshold of 1.028 trillion dirhams, providing historical depth to the Casablanca Stock Exchange. Furthermore, transactional activity is benefiting from increased liquidity and a strengthened central market dominance.
As noted by _Finances News_, "The enthusiasm surrounding recent initial public offerings, along with the prospect of significant projects linked to the organization of the 2030 World Cup, paints particularly favorable long-term prospects for the construction, finance, and services sectors." However, this overall constructive picture does not exclude certain areas of caution. The market remains sensitive to climatic fluctuations, energy market volatility, and international geopolitical tensions. In this transitional context, portfolio management now demands increased rigor and meticulous selection of values, without overlooking the intrinsic growth potential of the Moroccan financial landscape.
As reported by fr.le360.ma.
