Moroccan Stock Market Ends Lower, Moroccan All Shares Index Sheds 0.28%
Market Summary
The Moroccan stock market closed lower on Tuesday, August 1, 2023, with the Moroccan All Shares Index (MASI) dropping 0.28% to close at 10,217.88 points.
The decline was primarily driven by losses in the banking and insurance sectors, which offset gains in other sectors.
Sector Performance
- The banking sector witnessed a decline of 0.88%, with Attijariwafa Bank (ATW) and Bank of Africa (BOA) among the major losers.
- The insurance sector followed suit, losing 0.62%, with RMA Watanya and Saham Assurance posting losses.
- Conversely, the telecommunications sector gained 1.94%, driven by a surge in Maroc Telecom (IAM).
- The energy sector also performed positively, rising 0.73%, led by gains in TotalEnergies Marketing Maroc (TMRM).
Market Movers
- The top gainer for the day was Sothema (SOT), which rose by 5.95%.
- On the other hand, Addoha (ADH) was the biggest loser, declining by 4.00%.
Expert Analysis
Analysts attributed the market's decline to profit-taking following recent gains and concerns over rising inflation.
"Investors are taking a cautious approach as they assess the impact of higher inflation and geopolitical uncertainties," said Mohammed Amine Naciri, a financial analyst at CFG Bank.
Despite the decline, the MASI remains close to its all-time high, and analysts remain optimistic about the long-term prospects of the Moroccan stock market.
