Casablanca Stock Exchange: MASI falls while the economy improves

This update focuses on Casablanca Stock Exchange MASI. The Casablanca Stock Exchange is sending a puzzling signal: while the real economy looks stronger, its main index, MASI, has been sliding for several months.

Casablanca Stock Exchange MASI under pressure

According to the latest economic note published by the Directorate of Studies and Financial Forecasts (DEPF), the Casablanca Stock Exchange ended July 2026 with a second consecutive monthly decline.

The MASI index fell by 2.1% in one month. The MASI 20, which tracks the largest listed companies, lost 1.5% compared to June.

The downward trend started at the end of December 2025. Since then, MASI has recorded a negative performance of 5.3%, while MASI 20 has dropped by 11.3%. A month earlier, the declines stood at 3.3% and 10%, which means the correction is speeding up.

Out of the 24 sectors listed in Casablanca, 17 posted negative performances in July. Among the hardest hit were:

• agri-food: -10.2%
• holdings: -10.1%
• chemicals: -6.5%

Total market capitalisation followed the same direction. It fell by 1.2% between the end of June and the end of July 2026, down to 1,030.6 billion dirhams. Overall performance since the end of December 2025 stands at -1%.

A real economy in better shape than the market

This decline in the Casablanca Stock Exchange MASI index contrasts with the momentum of the real economy in summer 2026.

The DEPF highlights several positive developments:

• agricultural value added up 18.4% in the first quarter,
• tourist arrivals up 6%, reaching 9.4 million visitors,
• car exports rising by 17.4%,
• budget deficit reduced by 7.7% by the end of July,
• overnight stays up 9%.

Travel receipts reached 64.9 billion dirhams at the end of June 2026, an increase of 15.9%. These inflows include a significant share of spending by Moroccans living abroad, who support services, hospitality and local trade.

On paper, these indicators point to a more reassuring environment for investment. Yet the stock market remains under pressure.

Sectors under strain and cautious investors

The DEPF note underlines that several strategic sectors are facing specific headwinds. Raw phosphate production fell by 17.4% by the end of June 2026, and exports of phosphates and derivatives also declined.

This weighs on several major listed companies and therefore on MASI and MASI 20. These sector issues come on top of a global environment marked by uncertainty, which can push investors to reduce risk on equities.

Caution is not limited to shares. On the sovereign debt market, gross Treasury issues on the auction market dropped by 19.3% over the first seven months of 2026, year-on-year.

What does this mean for Moroccans living abroad?

This gap between the real economy and the Casablanca Stock Exchange also matters for Moroccans living abroad who hold, or are considering, investments in Morocco.

Several profiles are directly concerned:

• those who already own shares or mutual funds invested on the Casablanca market,
• those thinking of diversifying part of their savings into Moroccan securities,
• those preparing a return and building a long-term strategy for retirement, business creation or property.

The fall in MASI can weigh on the value of existing portfolios. But for long-term investors who trust the fundamentals of the Moroccan economy, it may also offer an entry point.

In any case, this phase calls for caution: understanding sector risks, distinguishing market swings from real economic trends, and checking information from official sources such as Bank Al-Maghrib or the Finance Ministry before committing new funds.

Moroccans abroad who are considering investing more in the country can combine this data with personalised advice and with the practical resources available in Canal212’s guide to key procedures for Moroccans living overseas.

For more context, readers can follow Canal212 news for Moroccans abroad.