Moroccan Stocks End Lower Following Sector Weakness
The Moroccan stock market faced a downturn at the close of trading on Monday, primarily driven by setbacks in the Utilities, Banking, and Mining sectors. The Moroccan All Shares index recorded a decline of 0.40%, reflecting the challenging conditions faced by several key market players.
Among the notable performers during this trading session was Societe des Boissons du Maroc SA (CSE: SBM), which saw a significant increase of 6.63%, equating to 135.00 points, bringing its trading value to 2,170.00. Similarly, Auto Nejma (CSE: NEJ) experienced a rise of 5.50%, or 266.00 points, closing at 5,100.00. CTM (CSE: CTM) also contributed positively, gaining 5.00%, or 42.40 points, to finish at 890.00. These stocks highlighted the potential for recovery amidst a generally unfavorable trading environment.
Conversely, the session also saw some stocks underperforming significantly. Balima (CSE: BAL) reported the steepest decline, plummeting by 5.98%, or 12.00 points, to close at 188.60, marking a new 52-week low for the company. Other underperformers included Agma Lahlou-Tazi (CSE: AGM), which fell by 5.13%, or 368.00 points, ending at 6,805.00, and Maroc Leasing (CSE: MLE), which decreased by 4.97%, or 18.40 points, to settle at 351.50. The market dynamics indicated that falling stocks outnumbered those that advanced, with a ratio of 34 to 24, while 2 stocks remained unchanged at the closing bell.
In the commodities market, crude oil prices showed slight increases, with August delivery rising by 0.03% to $68.71 per barrel. Brent oil for September delivery also saw a minor uptick of 0.04%, reaching $72.15 per barrel. Meanwhile, gold futures for August increased by 0.75%, trading at $4,156.60 per troy ounce, suggesting a recovery in precious metal prices as the U.S. dollar regained strength after experiencing a weekly loss.
Currency pairs reflected mixed trends, with the EUR/MAD declining by 0.26% to 10.69, while the USD/MAD saw a modest increase of 0.07% to 9.38. The US Dollar Index Futures rose by 0.21%, reaching 100.83, indicating a strengthening dollar that could impact future trading decisions.
As reported by investing.com.
