- Moderate increase expected by 2025
The Casablanca Stock Exchange closed the year 2024 with a historic performancethe MASI index recording an annual increase of 22.16%. On November 20, it reached a peak of 14,986 points, a level that had not been recorded since 2008. Furthermore, the market capitalization reached a new record of 765.1 billion dirhams, according to figures reported by The morning.
This increase was driven by several key factors, including the monetary easing policy implemented by Bank Al-Maghrib, the control of inflation to 0.8% in November 2024 (compared to 6.6% in 2022 and 6 .1% in 2023) and the return of interest rates to positive territory for the first time since 2021. Furthermore, the half-yearly payroll of listed companies – excluding Maroc Telecom – increased by 26% in the first half of 2024reflecting a remarkable economic recovery.
Sectors such as real estate and construction benefited from the launch of the new housing assistance programas well as projects related to the organization of the 2025 African Cup of Nations and the 2030 World Cup in Morocco.
Moderate increase expected by 2025
For 2025, the MSIN forecasts a continuation of the upward dynamic started at the end of 2022, but at a moderate pace compared to 2024. This progression will be supported by several factors: controlled inflation, around 2%, which will allow Bank Al-Maghrib to maintain an accommodating monetary policy; a drop in interest rates which favors arbitrage in favor of equities; and an improvement in the profits of listed companies, driven by the recovery of the banking, construction and tourism sectors, as well as by investments in infrastructure.
Furthermore, themobilization for the reconstruction of Al Haouz after the earthquakewith a budget of 120 billion dirhams to be implemented over five years, and the recovery of the real estate sector, supported by the housing assistance program planned until 2028, should also strengthen this dynamic.
The agricultural sector, if climatic conditions are favorable, could further strengthen this trend. Finally, planned privatizations, estimated at 9 billion dirhams by 2025 compared to 3 billion dirhams in 2024, as well as increased activity on the capital markets, particularly through IPOs and capital increases, should strengthen the attractiveness of the market for investors.
