Key facts in 30 seconds
- The Casablanca Stock Exchange is Morocco’s official stock market, founded in 1929.
- It is supervised by the AMMC, the Moroccan Capital Market Authority.
- Shares can only be bought and sold through a licensed brokerage firm, usually via your bank.
- Its benchmark index is the MASI, which tracks all listed shares.
- Sessions run Monday to Friday, generally from 9:00 am to 3:30 pm (Casablanca time).
What is the Casablanca Stock Exchange?
The Casablanca Stock Exchange (Bourse des Valeurs de Casablanca) is the company that organises and runs Morocco’s stock market. It allows companies to raise capital from the public by issuing shares or bonds, and allows investors, individuals and institutions alike, to buy and sell those securities in a transparent, regulated environment.
The exchange does not sell shares itself: it operates the electronic trading system where buy and sell orders sent by brokerage firms are matched. It also publishes prices, indices, trading volumes and the financial information released by listed companies.
A short history
| Year | Milestone |
|---|---|
| 1929 | Creation of the Office de Compensation des Valeurs Mobilières, the forerunner of the exchange. |
| 1967 | First major reform, giving the exchange its own legal framework. |
| 1993 | Landmark reform: creation of the exchange’s managing company, brokerage firms and a regulator. |
| 1997 | Move to electronic trading and creation of Maroclear, the central securities depository. |
| 2016 | The regulator becomes the AMMC, with stronger supervisory powers. |
| 2021 – 2026 | A new wave of IPOs, including TGCC, Akdital, Cash Plus, Vicenne, SGTM and T2S. |
How a trading session works
Trading is fully electronic. Orders entered by brokers are centralised in an order book for each share. When a buy order and a sell order meet at a compatible price, a trade is executed and a new price is displayed.
| Phase | Indicative time | What happens |
|---|---|---|
| Pre-trading and opening auction | 8:10 – 9:00 am | Orders are entered but not executed. The opening price is set from 9:00 am. |
| Continuous trading | 9:00 am – 3:20 pm | Orders are executed as soon as they match. |
| Closing auction | 3:20 – 3:30 pm | The closing price of the day is set. |
Hours change during Ramadan and may evolve. Always check the official calendar published by the Casablanca Stock Exchange.
To limit volatility, the exchange applies price-variation thresholds: beyond a certain daily rise or fall, trading in a share can be temporarily reserved or suspended. This is why very popular shares, for example just after an IPO, often rise “in steps” over several sessions.
Who’s who on the Moroccan market
- The Casablanca Stock Exchange: runs the market, trading and the publication of information.
- The AMMC: the market watchdog. It approves IPO prospectuses, monitors financial disclosure and protects investors.
- Brokerage firms: the only intermediaries allowed to execute orders. Most belong to banking groups.
- Maroclear: the central depository that holds and settles securities.
- Issuers: listed companies, which must regularly publish their accounts and any material information.
- Investors: individuals, mutual funds, pension funds, insurers and foreign investors.
The indices: MASI, MASI 20 and sector indices
The MASI (Moroccan All Shares Index) covers every listed share, weighted by free-float market capitalisation: it is the market’s thermometer. The MASI 20 focuses on the twenty largest and most liquid stocks, while sector indices (banks, construction, telecoms…) and thematic indices such as the MASI ESG complete the picture. You can follow them live on our markets page.
Major listed companies
Banks weigh heavily in total market capitalisation, alongside telecoms, construction and materials, real estate, healthcare and retail. Among the stocks most followed by Moroccan investors: Attijariwafa bank, Maroc Telecom, Banque Centrale Populaire, Bank of Africa, SGTM, TGCC, Akdital, Marsa Maroc, Cash Plus and Addoha. Read our detailed company profiles.
Can individuals invest?
Yes. Any adult resident of Morocco, Moroccans living abroad and many foreign investors can buy listed shares. You simply need to open a securities account with a brokerage firm or a bank, fund it, then place orders, today most often through an online trading platform. Every step is explained in our guide how to invest on the Casablanca Stock Exchange.
Frequently asked questions
How many companies are listed in Casablanca?
Around 80 companies are listed. The number changes with new listings and delistings; the up-to-date list is published by the Casablanca Stock Exchange.
Is the exchange open at weekends?
No. Sessions take place Monday to Friday, except Moroccan public holidays. Orders entered at the weekend on an online platform are sent at the next opening.
Who regulates the Casablanca Stock Exchange?
The market is supervised by the AMMC (Autorité Marocaine du Marché des Capitaux), which protects investors and ensures the market runs properly.
Do I need a lot of money to start?
No. You can buy a single share. In practice, brokerage fees often include a minimum per order, so it is more efficient to group your purchases.
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
