Significant Growth in Capital Inflows
The Casablanca Stock Exchange has reported a staggering increase of 65% in equity capital raising activities for the year 2025, culminating in a total volume of 10.37 billion dirhams. This impressive figure was highlighted in the annual financial stability report, a joint publication by Bank Al-Maghrib (BAM), the Insurance and Social Security Control Authority (ACAPS), and the Moroccan Capital Market Authority (AMMC). The report underscores that the equity market has witnessed three successful Initial Public Offerings (IPOs) in 2025—Vicenne, Cash Plus, and SGTM—raising a collective amount of 6 billion dirhams, which marks a phenomenal increase of 452.46% compared to the previous year.
Market Performance and Liquidity Indicators
Additionally, the report revealed that the MASI index surged by 27.57%, climbing from 14,773.19 points at the end of 2024 to 18,846.35 points by the close of 2025. This upward trajectory is attributed to improved earnings among listed companies and favorable economic projections. Trading volumes also saw a dramatic rise, reaching 137.3 billion dirhams, driven primarily by a 98% increase in trading volume within the central market, which totaled 121 billion dirhams. However, the block market experienced a decline, settling at 16.3 billion dirhams, a drop of 43%.
On the valuation front, the Price Earnings Ratio (PER) of the Casablanca Stock Exchange declined from 21.7 times at the end of 2024 to 20 times at the end of 2025, suggesting that the local market is currently undervalued relative to its five-year average of 22.13 times. The volatility of the MASI index also spiked, increasing from 8.27% in 2024 to 14.62% in 2025, indicating heightened market fluctuations. Importantly, the liquidity ratio of the stock market continued its upward trend, reaching 14.23%, compared to 12.45% in 2024, marking a return to levels not seen since the early 2010s and demonstrating improved liquidity conditions in the market.
As reported by lavieeco.com.
