Foreign investors held MAD220.1 billion in shares listed on the Casablanca Stock Exchange at the end of 2025, up 21.2% from a year earlier, even as their share of total market capitalisation fell from 24.1% to 21.2%. The figures were published by Morocco’s Capital Market Authority (AMMC) in its annual report released on 4 November 2026.
Those holdings had been worth MAD181.6 billion at the end of 2024. Their rise chiefly reflected higher prices for the stocks in foreign portfolios, the regulator said, as the MASI benchmark gained 27.57% during 2025. The overall market grew faster, with capitalisation increasing from MAD752.4 billion to MAD1,040.7 billion, reducing foreign investors’ relative weight.
In MAD billions
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Source : AMMC report published 4 November 2026; data at 31 December 2024 and 2025.
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| Category | MAD billions |
|---|---|
| 2024 | 181.6 |
| 2025 | 220.1 |
In % of market capitalisation
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Source : AMMC report published 4 November 2026; data at 31 December 2024 and 2025.
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| Category | % of market capitalisation |
|---|---|
| 2024 | 24.1 |
| 2025 | 21.2 |
Most foreign holdings consist of strategic stakes, defined by the AMMC as ownership of at least 4% of a listed company’s capital. Such positions accounted for 89.4% of the value of foreign shareholdings at the end of 2025. Of Casablanca’s 80 listed companies, 30 had foreign ownership exceeding 10%, while 12 were more than half foreign-owned.
Middle Eastern investors hold nearly half the foreign portfolio
Investors from the Middle East held MAD105.5 billion in listed shares, followed by European investors with MAD98 billion. Together they accounted for 92.4% of foreign holdings. By sector, telecommunications represented MAD52.9 billion, electricity MAD43 billion, banks MAD36.7 billion, and construction and building materials MAD34.3 billion.
Foreign trading activity more than doubles
Foreign participation in stock exchange trading also increased. The combined value of purchases and sales by foreign investors on the central and block markets reached MAD17.3 billion in 2025, compared with MAD8 billion in 2024, a rise of 116.3%. Those trades accounted for 6.3% of total market turnover. European investors generated 38% of foreign trading activity, ahead of African investors at 34.6%.
Foreign ownership remained much smaller in Morocco’s other financial instruments. Debt securities held by these investors totalled MAD3.1 billion at the end of 2025, equivalent to 0.28% of outstanding debt instruments. Their holdings in mutual funds reached MAD7.5 billion, or 0.96% of the funds’ total net assets.