Key Updates From the Moroccan Stock Market - Monday 15.09.2025

Despite a strong H1 in banking and construction, the broader MASI lost ground — investors seem cautious ahead of new IPOs and shifting valuations

• The MASI 20 (top 20 most liquid stocks) and the broader MASI index both fell, with the Moroccan All Shares down 1.11% in the last trading session. Losses were concentrated in the Utilities, Banking, and Mining sectors.

• Market cap / valuation metrics:

  • Total market cap of the Casablanca Stock Exchange is about MAD 1.0 trillion.

  • Price-to-Earnings (P/E) ratio for the market is ~24.8x, slightly above the 3-year average of ~21.8x.

• Performance by sectors:

  • Banking and construction / public works sectors saw strong growth in H1‐2025. Banking contributed MAD 3.5 billion in extra revenue compared to H1-2024. Construction & public works surged ~22.8%, helped by public infrastructure projects tied, among others, to upcoming international events.

• New supply of listings / market breadth:

  • GPC Carton, a packaging firm, is preparing an IPO on the Casablanca Stock Exchange. That’s a sign the IPO market is reviving.

• The market opened on Monday in relatively good shape but overall indices extended losses. The MASI 20 and ESG indices also dropped.