Original articles about Morocco's financial markets, written for retail investors, diaspora, and anyone trying to make sense of the numbers on the dashboard.
Practical portfolio construction for Moroccan retail: which asset classes are accessible, how to diversify on a 75-name exchange, and how to adapt the 60/40 framework for local conditions.
Capital gains (TPCVM 15%), dividends (TPA 15%), and interest (TPPRF 20%) all withheld at source by the broker or bank. What lands in your account is the net amount, and the gap is real money over time.
Return on Equity explained in plain English: why it is the right ratio for Moroccan banks, why it is less useful for telecom, and how to read it on IAM, ATW, and BCP.
They sit next to each other on every earnings release and mean completely different things. Plus why banks use PNB instead of the word “revenue”.
Earnings per share looks clean and unambiguous. Three specific traps - buybacks, dilution, and one-off items - explain when it is not.
Banks turn over a balance sheet. Telecoms depreciate a network. Which metrics to watch in each, and why cross-sector ratio comparisons mislead.
A structured approach for comparing two Casablanca Stock Exchange listings without falling into standard retail traps. Worked example with ATW and BCP.
Walkthrough of the Dalil stock page - what each section shows, why missing rows are hidden, and how to jump from the extracted numbers to the source PDF.
How the Casablanca Stock Exchange evolved over time, what makes it important in Morocco, and why market depth still remains one of its central challenges.
What Morocco's main stock index actually measures, how it's calculated, and what the daily number tells you about the Casablanca Stock Exchange.
The listing process in Morocco, from AMMC approval to subscription, allocation, and first day trading. What retail investors need to know.
Reading Moroccan company results, understanding local accounting language, and seeing what revenue, operating profit, bank income, and cash flow are really saying.
How Morocco borrows through treasury bills and bonds, why yields change with maturity, and what those yields reveal about financing conditions across the economy.
How Morocco's crawling peg works, what factors push the dirham up or down, and why the exchange rate matters for remittances, imports, and investment.
Why the euro matters so much inside Morocco's currency basket, and how European shifts reach into trade, remittances, tourism, and everyday purchasing power.
How Morocco measures inflation, how the consumer price index is built, and why the official number can feel different from daily life.
How Dalil converts international gold prices to Moroccan dirhams per gram, why the MAD price moves even when gold is flat, and what the number means for buyers.
Why imported oil matters so deeply in Morocco, how crude prices and the dollar shape local costs, and why global energy moves reach into daily life.
The scale of Morocco's phosphate reserves, why they matter to global food security, how OCP connects to public finances, and why fertilizer processing matters as much as extraction.
A practical guide to interpreting the numbers on the dashboard: what's delayed, what's live, how conversions work, and what each panel actually shows.
Each article explains one aspect of Morocco's financial markets in plain language. They are written for people who use the Dalil dashboard and want to understand what the numbers mean - not just see them move.
The collection covers three broad areas. Fundamentals articles explain how to read company filings, what metrics like EPS, ROE, and net income actually measure, and why bank stocks and telecom stocks require different analytical frameworks. Market structure articles explain how the MASI index works, what the Bourse de Casablanca is, how IPOs are listed, and what drives the dirham exchange rate. Macro articles cover topics that affect the whole market - inflation measurement, oil import dependency, bond yields, and Morocco's position in global phosphate production.
All articles reference specific Moroccan companies, institutions, and data points rather than generic financial theory. Where a concept like ROE or EPS is explained, the worked examples use ATW, BCP, or IAM - the three most-followed names on the Casablanca Stock Exchange - so the reader can immediately apply the concept to real filings. Sources include official publications from the AMMC (Autorité Marocaine du Marché des Capitaux), Bank Al-Maghrib, HCP (Haut Commissariat au Plan), the Bourse de Casablanca, and company-issued financial statements.
These are informational guides, not investment recommendations. All market data on Dalil is delayed. Articles are researched directly from primary sources (AMMC, BKAM, HCP, Office des Changes); see Editorial Standards for the source hierarchy, fact-checking process, and update cadence, and the Disclaimer for full legal terms.