Casablanca Stock Exchange Experiences Major Setback
The Casablanca Stock Exchange has witnessed a substantial downturn, with the MASI index plummeting by 2.86% to close at 17,623.73 points, thus falling below the critical 18,000 threshold. This decline has deepened the index's annual losses to 6.49%, reflecting a troubling trend for investors.
Following suit, the MASI 20 index has also faced difficulties, retreating nearly 2% to settle at 1,285.39 points. Despite this downturn, trading volumes remained robust, with transactions totaling 631 million dirhams on the market.
Among the stocks under pressure, Managem led the trading activity with 267 million dirhams exchanged, but it suffered a significant drop of 10%, closing at 13,321 dirhams. Other notable declines included Marsa Maroc, which fell by 1.83% to 800.10 dirhams, alongside ATW, which saw a decrease of 1.85% to 665 dirhams, and TGCC, down by 1.32% to 730 dirhams.
In contrast, Immorente Invest managed to gain 1%, closing at 90.70 dirhams, showcasing a rare positive movement amidst a sea of red. However, the mining sector experienced severe corrections, with SMI losing 10% to reach 6,508 dirhams, CMT finishing down by 9.98% at 4,138 dirhams, and Jet Contractors dropping by 9.96% to 1,980 dirhams.
As the trading session concluded, the total market capitalization of the Casablanca Stock Exchange stood at 1.011 trillion dirhams. This significant decline raises concerns about the market's stability and the potential implications for investors moving forward.
As reported by boursenews.ma.
