Institutional Investors Dominate the Casablanca Stock Exchange
As of the end of 2025, the investor profile at the Casablanca Stock Exchange reflects a significant rise in the activity of national institutional players. Moroccan corporate entities and mutual funds (OPCVM) accounted for a remarkable 66.6% of the trading volumes on the central market, thereby relegating individual investors to a more secondary role in the dynamics of the equity segment. This shift highlights a transformative phase within the marketplace, where institutional investors are increasingly taking the reins.
The overall trading volume of the stock market for the year reached 38.5 billion dirhams (MAD), marking a decrease of 3.9% compared to the same period in 2024, as indicated in the latest report from the Moroccan Capital Market Authority (AMMC) regarding investor profiles. However, beneath this overall decline lies a contrasting trend of a much more active central market, primarily driven by Moroccan corporate entities and OPCVM, which alone accounted for 66.6% of the volumes in the equity market segment.
Market Resilience Amidst Quarterly Index Decline
Despite a slight quarterly decline, the overall performance of the Casablanca market remains robust. By the end of December 2025, the MASI index had risen by 27.57% year-on-year, while the MASI 20 increased by 24.53%. The market capitalization reached 1,040.7 billion dirhams, reflecting an increase of 38.31%. While the report notes a minor decline in the quarterly results, with a drop of 0.9% for the MASI and 4% for the MASI 20, the annual trend is decidedly favorable. The central market recorded 31.03 billion dirhams in trades, which is a significant 53.46% increase compared to the fourth quarter of 2024, now capturing 81% of total exchanges.
Conversely, block trading has seen a sharp decline to 7.45 billion dirhams, representing a 62.38% drop. This transition indicates a shift in market activity towards the more visible segment where prices are formed daily and where investor behavior is most clearly observed. Moroccan corporate entities and OPCVM have emerged as the dominant players in the equity market, with Moroccan corporates representing 38% of the total volume, followed by OPCVM at 28.6% and individual Moroccan investors at 21.2%. This structure underscores a market primarily driven by local institutional savings, with domestic and professional actors clearly at the forefront.
The AMMC's report also reveals that institutional purchases surged significantly, with Moroccan corporate entities acquiring 12.225 billion dirhams worth of assets and selling 11.350 billion dirhams. Meanwhile, OPCVM conducted purchases totaling 9.903 billion dirhams against sales of 7.844 billion dirhams, confirming their net purchasing position. Year-over-year, their purchases increased by 56% and 48.6%, respectively, while sales rose by 46% and 49.7%. This marked resurgence of Moroccan institutional investors is notable in both volume and intensity.
In conclusion, the fourth quarter of 2025 delineates a Casablanca Stock Exchange that is increasingly institutional, more locally focused, and centered around the central market. While individual investors remain active and foreign investors are gradually increasing their presence, the most significant development during this period has been the resurgence of control by Moroccan corporate entities and OPCVM. In a context where indices maintain strong annual performance, this dominance of local institutional investors is one of the most structurally significant signals as the fiscal year comes to a close.
As reported by leseco.ma.
