The MASI (Moroccan All Shares Index) is the primary benchmark of the Bourse de Casablanca, tracking all listed equities weighted by free-float market capitalisation.
The MASI (Moroccan All Shares Index) was launched in 1993 by the Bourse de Casablanca to provide a comprehensive measure of the Moroccan equity market. It includes all listed companies and is calculated using a free-float market capitalisation methodology — only shares available for public trading are counted, giving a more accurate picture of investable market value.
As of 2025, the MASI encompasses over 70 listed companies across banking, telecommunications, real estate, mining, and consumer goods. It is the standard reference for Moroccan institutional investors, pension funds, and international portfolio managers seeking exposure to North African equities.
The index uses a Laspeyres formula, dividing the current aggregate free-float market capitalisation by a base value established at inception. It is reviewed quarterly — companies that no longer meet listing criteria are removed, and newly listed companies are added after a seasoning period. Key inclusion criteria include a minimum free-float ratio, minimum average daily trading volume, and compliance with BVC disclosure standards.
| Phase | Time (WAT) | Description |
|---|---|---|
| Pre-opening | 09:00 – 09:30 | Order collection, no execution |
| Opening auction | 09:30 | Opening price determined |
| Continuous trading | 09:30 – 15:20 | Live order matching |
| Closing auction | 15:20 – 15:30 | Closing price determined |
| After-hours | 15:30+ | Reporting only |
The MASI20 tracks the 20 most liquid stocks on the Casablanca exchange. While the MASI is the broadest measure, the MASI20 is used for derivatives, ETFs, and structured products because its smaller composition is easier to replicate. Divergences between the two indices signal rotation between large caps and the broader market.
The MASI is heavily weighted toward the financial sector. The largest components by market capitalisation include Attijariwafa Bank (ATW), BCP, CIH Bank, Maroc Telecom (IAM), OCP Group, Lafarge Holcim Maroc, and Cosumar. Together the top 10 stocks typically account for over 60% of the index weight.