Casablanca Stock Exchange: Small investors make a strong comeback

The Casablanca Stock Exchange not only enjoyed a strong year in 2025, marked by the rise of the Moroccan All Shares Index (MASI), the return of IPOs, and improved trading volumes. It also saw a significant broadening of its investor base.

According to the Moroccan Capital Market Authority (AMMC) report "Capital markets in figures", the number of securities accounts stood at 401,169 at the end of 2025, compared to 230,604 the previous year. This represents a net increase of 170,565 accounts in one year — up nearly 74%.

This increase is largely driven by resident individuals. Their number went from 200,855 accounts in 2024 to 360,020 accounts in 2025, adding 159,165 accounts. In other words, Moroccan individuals alone account for about 93% of the net increase in the number of securities accounts recorded in 2025.

Non-resident individuals also increased, but to a lesser extent, rising from 14,947 to 22,843 accounts, adding 7,896 accounts. Resident legal entities showed an increase of 3,371 accounts to 17,789, while non-resident legal entities remained marginal, with 517 accounts at the end of 2025, compared to 384 the previous year.

More accounts, but also more active clients

The same trend can be seen among brokerage firms' clients. The number of active clients rose from 14,564 in 2024 to 35,287 in 2025, a gain of 20,723 clients.

Once again, the increase is almost entirely due to Moroccan individuals. Their number rose from 11,931 to 32,002, adding 20,071 active clients. They now represent 91% of the active clientele of brokerage firms, compared to 82% in 2024.

This evolution reflects a significant change: individuals are not only more numerous in holding securities accounts, they are also more present in the actual market activity. The market context likely contributed, with 2025 being a year marked by strong stock performance, several IPOs, and a renewed interest in listed stocks.

Conversely, UCITS (Undertakings for Collective Investment in Transferable Securities) recorded a slight decline in the number of active clients, falling from 1,683 to 1,643. Moroccan legal entities increased from 620 to 1,056, while foreign individuals went from 210 to 446.

Institutional investors still hold significant weight in volumes

This return of individuals does not mean the market is now primarily driven by individual investors. In terms of trading volume on the central market, Moroccan individuals represent 26% in 2025, compared to 25% in 2024. Their share has therefore increased slightly, but remains below that of major institutional and professional investors.

Moroccan legal entities account for 34% of trading volumes on the central market in 2025, compared to 32% in 2024. UCITS represent 30% of trading volumes, down from 32% the previous year. Together, Moroccan legal entities and UCITS account for 64% of trading volumes on the central market.

A positive signal for market depth

The growth in the number of securities accounts and the increase in active investors are positive signals for the market. They indicate that the Casablanca Stock Exchange is beginning to broaden its investor base after several years of activity concentrated among a limited number of participants.

The real challenge now is to turn this quantitative progress into lasting engagement — maintaining a base of active, regular, and well-informed investors beyond IPO cycles and market upswings.