The MASI (Moroccan All Shares Index) is the main benchmark index of the Casablanca Stock Exchange, tracking all listed companies. Updated in real time on market days.
The MASI - Moroccan All Shares Index - is the comprehensive benchmark of the Casablanca Stock Exchange (Bourse des Valeurs de Casablanca, BVC). It tracks the performance of all ordinary shares listed on the exchange, weighted by free-float market capitalisation. Launched in January 2002 to replace the older IGB index, the MASI provides investors with a broad view of the entire Moroccan equity market.
As of 2025, the Casablanca Stock Exchange is the second largest stock exchange in Africa by market capitalisation, after the Johannesburg Stock Exchange. The MASI index covers 78 listed companies across sectors including banking, telecommunications, real estate, industry, mining, insurance, and food processing.
The Casablanca Stock Exchange publishes two main indices:
For most investors tracking overall Morocco market performance, the MASI is the primary reference. The MADEX and MASI20 are better indicators of short-term market sentiment and liquidity.
The MASI is heavily weighted toward the financial sector. Banks alone account for a significant portion of total market capitalisation:
The MASI is a capitalisation-weighted index. This means larger companies by market cap have a proportionally greater influence on the index level. A 1% move in Attijariwafa Bank, Morocco's largest listed company, will move the MASI more than a 1% move in a smaller listed company.
The index is quoted in points, not dirhams. Daily changes are expressed as percentage moves. A MASI reading of 13,000 points means nothing in isolation - what matters is whether it has risen or fallen relative to previous sessions, and over longer time horizons relative to its historical levels.
The Casablanca Stock Exchange operates Monday through Friday. The trading session runs from 09:30 to 15:30 West Africa Time (WAT, UTC+1). Settlement follows a T+2 cycle, meaning transactions are settled two business days after the trade date. The exchange is closed on Moroccan public holidays. During Ramadan, the exchange typically shortens its session to approximately 09:00–13:30 WAT.
The Casablanca Stock Exchange was established in 1929 under the French protectorate, making it one of the oldest exchanges in Africa. For decades it operated as a small, state-controlled institution with limited listings and low trading volumes. The market was modernised in the 1990s with the creation of the CDVM (now AMMC) as the regulatory authority, the introduction of electronic trading in 1997, and the privatisation of exchange management. The MASI was introduced in January 2002 as a free-float capitalisation-weighted index, replacing the IGB (Indice Général Boursier) that had tracked the market since 1986.
The index reached its all-time high in 2008 before declining sharply during the global financial crisis. It spent much of 2009–2020 in a lower trading range compared to developed market indices, reflecting Morocco's structural liquidity constraints and the limited number of large-cap listings. The post-2020 recovery, combined with new IPOs and increased retail participation, has brought the MASI closer to its previous highs.
The Casablanca Stock Exchange is regulated by the AMMC (Autorité Marocaine du Marché des Capitaux), which replaced the CDVM in 2016. The AMMC supervises market participants, approves IPO prospectuses, enforces disclosure requirements, and investigates market abuse. Listed companies must publish semiannual and annual financial results within regulated timeframes, and all material changes must be disclosed to the market through official communiqués filed with the AMMC.
Bank Al-Maghrib, Morocco's central bank, indirectly influences the MASI through its monetary policy decisions. Changes to the key interest rate affect bank profitability, corporate borrowing costs, and the relative attractiveness of equities versus fixed-income instruments. The quarterly BAM board meetings are closely watched by MASI participants.
Morocco is co-hosting the 2030 FIFA World Cup alongside Spain and Portugal. This has driven significant infrastructure investment and investor confidence. Construction, real estate, and infrastructure-linked stocks have benefited from the anticipated spending on stadiums, transport, and hospitality. The Casablanca Stock Exchange has seen increased IPO activity in 2024–2025, with notable listings including SGTM (construction) and Cash Plus (fintech).
Bourse des Valeurs de Casablanca — casablanca-bourse.com (index methodology, listed companies, trading rules)
AMMC — ammc.ma (regulatory framework, filings, market supervision)
Bank Al-Maghrib — bkam.ma (monetary policy, key rate decisions)
Market data on Dalil sourced from Drahmi API with 15–30 minute delay.