As of Friday, September 4, 2026, the recent movements in the market warrant careful interpretation, particularly in the context of ongoing recovery efforts. According to BKGR, this resurgence appears to be more of a normalization process following months of profit-taking rather than the onset of a new widespread bullish phase. This observation comes after three years of significant market appreciation.
The recovery in market indices remains uneven, with the MASI 20 index recording a modest gain of only 1.85% in August, while still showing a decline of 9.67% year-to-date. The market's rebound has been largely driven by mining stocks, especially Managem, which experienced an impressive increase of 31.16% over the month, solidifying its position as the leading capitalization on the Casablanca Stock Exchange.
This divergence in performance leads BKGR to believe that the market is increasingly shifting towards a stock-picking approach rather than engaging in a broad-based upward movement. Individual catalysts for each issuer are gradually taking precedence over the overall market momentum. In simpler terms, stock performance is becoming less influenced by general market trends and more by specific company outlooks, operational announcements, and unique circumstances surrounding each listed entity.
Notably, the trading activity observed in August offers a more encouraging signal, with the average daily trading volume rising to 267.3 million MAD, compared to 147.9 million MAD in July. This uptick indicates a revival of activity, particularly towards the end of the month. However, BKGR cautions against overestimating this improvement, as trading volumes on the central market remain down by 54% year-on-year, while volatility has increased to 13.96%, up from 10.54% the previous month.
Looking ahead, September is anticipated to serve as a critical test of selectivity for the Casablanca market, according to BKGR. Investors will need to progressively factor in the results from the first half of 2026, along with any potential revisions to earnings per share that may arise. Additionally, upcoming decisions from Bank Al-Maghrib are expected to play a significant role in shaping market dynamics. BKGR posits that stock performance will increasingly reflect the underlying fundamentals of issuers, with a preference for stocks that provide clear visibility on earnings and possess identifiable catalysts.
As reported by boursenews.ma.
