Moroccan private investments on the Casablanca Stock Exchange increase

The Moroccan Capital Market Authority (AMMC) has published the eleventh edition of its Capital Market Review, highlighting a remarkable evolution in the profile of investors in the Casablanca Stock Exchange. According to the data for the second quarter of 2024, there has been a considerable increase in the participation of Moroccan individual investors, who are gaining prominence over other categories of investors. 

Moroccan citizens have seen a dramatic increase in their participation in stock market investments, from 11% in the second quarter of 2023 to 27% in the same period of 2024, according to data collected by Le Matin. This increase of 16 percentage points reflects a growing interest of retail investors in the capital market. The number of securities accounts reached 169,863 in the second quarter of 2024, compared with 152,676 a year earlier, an increase of 11%.

At the same time, Undertakings for Collective Investment in Transferable Securities (UCITS) also saw their market share grow, albeit to a lesser extent, from 29% to 32%, an increase of 3 percentage points. In contrast, Moroccan legal entities recorded a significant decline in their share, from 46% to 31%, a fall of 15 percentage points. Foreign legal entities, on the other hand, have increased their presence, now accounting for 6% of transactions. 

At the end of the second quarter of 2024, the volumes traded on the central market were still dominated by Moroccan UCITS and legal entities, which together accounted for 63% of transactions, with 32% and 31% respectively. Moroccan retail investors, with a 27% share, are consolidating their position as an increasingly important player in the market, while foreign legal entities maintain a minority presence with only 6% of the trading volume.

The rise of retail investors in the stock market reflects a renewed interest in direct investment, indicating a diversification in investor profiles. This phenomenon could have positive implications for the depth and liquidity of the market, which, in turn, would strengthen its attractiveness for all participants.