Key figures
- Listed shares held: 220.1 billion dirhams at the end of 2025, against 181.6 billion at the end of 2024 (+21.2%).
- Share of market capitalisation: 21.2%, against 24.1% a year earlier.
- Strategic holdings: 89.4% of the amount held.
- Volume traded by foreigners in 2025: 17.3 billion dirhams, against 8 billion in 2024.
A higher amount, a smaller share
According to the AMMC, the rise in the amount held comes mainly from higher share prices: the MASI gained 27.57% in 2025. Total market capitalisation grew faster, from about 752.44 to 1,040.70 billion dirhams, or +38.3% by our calculation. So the weight of foreigners in the market fell, even though their amount rose.
These figures stop at December 31, 2025. They do not describe the current situation: on November 4, 2026, the MASI stood at −11.07% since the start of the year.
Who holds what, and where
The Middle East holds 105.5 billion dirhams (47.9% of the total) and Europe 98 billion (44.5%). The AMMC explains the Middle East’s increase (+26.7 billion) mainly by the rise in shares held by Emirati investors, notably Itissalat Al-Maghrib and Taqa Morocco.
Twelve companies, more than 50% foreign-owned, account for 146 billion dirhams, or 66% of the total. By sector, foreigners hold 85.9% of electricity, 55.2% of telecommunications, 54.7% of beverages and 48.8% of oil and gas.
Trading on the Exchange
The 17.3 billion traded in 2025 represent 6.3% of total volume on the central and block markets: 13.6 billion on the central market and 3.7 billion in block trades. European investors accounted for 38% and African investors for 34.6%. By sector, building and construction materials came first (31.2%), ahead of healthcare (22.9%) and banks (19.5%).
To understand this better
- “Foreigners”: in this report, the term covers non-resident foreign individuals and companies. It also covers resident foreigners and Moroccans living abroad, for transactions funded in foreign currency.
- A strategic holding means, by AMMC convention, at least 4% of a listed company’s capital. Below that, it is called a minority holding. Minority holdings make up 8.3% of the free float, meaning the part of the shares available for trading.
- Volume is counted twice: purchases and sales are added together. So it does not measure an amount of money that entered Morocco.
See the market map, the most active stocks and the MASI on our Markets page.
Sources
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.
