Moroccan All Shares Index Slips to One-Month Low on Banking, Mining Weakness

Moroccan equities edged lower at the close of trading on Thursday, with the benchmark Moroccan All Shares (MASI) index falling 0.17% to reach a new one-month low. The session's decline was driven by significant losses in the key banking, mining, and utilities sectors, according to market data from the Casablanca Stock Exchange.

Market Performance

The market showed mixed signals despite the headline index's decline. Market breadth on the Casablanca Stock Exchange was evenly split, with 23 stocks advancing and 23 declining, while 9 issues ended the session unchanged. This suggests the index's negative performance was influenced by losses in heavily weighted stocks rather than broad-based selling pressure.

Sector and Stock Movers

Losses were concentrated in several key industries. The mining sector saw significant declines, weighing on the overall index.

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• Top Decliners: Miniere Touissit (CSE:CMT) was the session's worst performer, plunging 9.06% to close at 2,217.00. Other notable losers included Zellidja S.A (CSE:ZDJ), which fell 2.14%, and Managem (CSE:MNG), which was down 2.08%.
• Top Gainers: On the positive side, Balima (CSE:BAL) led the advancers, surging 5.85% to 199.00. Marocaine pour le Commerce et l’Industrie Banque SA (CSE:BCI) added 4.83%, and IB Maroc Com SA (CSE:IBC) rose 4.78%.

Broader Market Context

In commodities, oil prices trended lower, with Brent crude futures for November delivery falling more than 2%. Meanwhile, gold futures for December delivery saw a modest gain of 0.21%.

In the foreign exchange market, the Moroccan dirham weakened slightly against major currencies. The EUR/MAD pair rose 0.49% to 10.93, while the USD/MAD pair increased by 0.16% to 9.50.