Casablanca Stock Exchange guides
Clear, independent guides to understand the Moroccan market and invest with confidence, from your first order to taxes.
The Casablanca Stock Exchange explained
History, trading hours, how trading works, the MASI index, market players and listed companies: what to know about the Casablanca Stock Exchange in 2026.
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How to invest in Moroccan shares
Opening a securities account, choosing a broker, placing a first order, fees and mistakes to avoid: how to invest in the Moroccan stock market in 2026.
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Online brokers in Morocco compared
Wafa Bourse, BMCE Capital Bourse, CDG Capital Bourse, BP Bourse, CFG Bank… How to compare online brokers in Morocco: fees, tools, account opening.
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How to read stock prices
Reference price, change, volume, market cap, session summary: understand every figure in Casablanca Stock Exchange price tables and where to find them.
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Dividends 2026: the full guide
The 2026 dividend calendar on the Casablanca Stock Exchange, ex-dividend and payment dates, how to calculate a yield and how dividends are taxed in Morocco.
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How to take part in an IPO
How an IPO works on the Casablanca Stock Exchange, how to subscribe, how shares are allocated and the risks. Recent examples: SGTM, Cash Plus, Akdital, T2S.
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The MASI index explained
What the MASI is, how it is calculated, how it differs from the MASI 20 and sector indices, and how to invest in the Casablanca Stock Exchange index.
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Stock market tax in Morocco
Tax on capital gains from shares, withholding tax on dividends, the Share Savings Plan (PEA): understanding Casablanca Stock Exchange taxes for individuals.
Read the guide →What is a share?
A share is a part of a company. Shareholder rights, dividends, capital gains and the risk of loss: the essentials explained simply, with examples.
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What is a bond?
A bond is a loan to a state or a company. Coupon, maturity, the link between price and interest rates, and risks: what to understand, with the case of Morocco.
Read the guide →OPCVM funds in Morocco explained
An OPCVM pools the money of many savers in a managed portfolio. FCP, SICAV, six categories tracked by the AMMC, net asset value and fees, explained simply.
Read the guide →The P/E ratio explained
The P/E ratio compares a share’s price with its earnings per share. Calculation, a worked example, traps and limits of this widely quoted stock market ratio.
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Reading a company’s results
Revenue, EBITDA, net profit, debt, cash and banks’ net banking income: the key figures in a financial statement explained simply, with an example.
Read the guide →Risk and diversification explained
Company risk, market risk, volatility, liquidity and diversification: these key stock market ideas explained simply, with examples and figures.
Read the guide →Policy rate and inflation explained
What is Bank Al-Maghrib’s policy rate, 2.25% in September 2026? How rates and inflation can influence loans, shares and bonds, explained simply.
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Market cap, free float and liquidity
Market cap gives the stock market value, free float the tradable part, liquidity the ease of trading. Three key ideas explained with simple examples.
Read the guide →Price limits and trading halts
Why can’t a share move without limit in Casablanca? Limits of 10%, 6% and 20%, reserved prices, trading halts and fixing, all explained simply.
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Recognising investment scams
Fake gains, WhatsApp groups, blocked withdrawals, fake AMMC logos: the methods reported by the regulator and the checks to make before any payment.
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Order book and order types
How is a stock market price formed? The order book, limit, market and stop orders, priority and partial execution, all explained simply.
Read the guide →Understanding trading fees
Brokerage, exchange commission, settlement, VAT and custody fees: the costs of an order in Morocco explained, with a full worked example.
Read the guide →Compound interest explained
With compound interest, past gains also earn money. The formula, an example over 10 and 20 years, the rule of 72, and the effect of fees and inflation.
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Fundamental and technical analysis
One studies the company, the other the price chart. Methods, tools, limits and common mistakes of both types of analysis, explained simply.
Read the guide →Capital increase and stock split
Capital increase, pre-emptive right, dilution, free shares and stock split: these operations explained, with the examples of Risma and Managem in 2026.
Read the guide →The MASI 20 Future explained
Since April 6, 2026, the MASI 20 Future has traded in Morocco. The contract, 10 MAD per point, expiries, margin, leverage and risks, explained simply.
Read the guide →The PEA in Morocco explained
The PEA in Morocco: 2 million MAD of deposits, five years of holding, tax exemption and conditions. How it works and how it compares with a standard account.
Read the guide →Bull and bear markets
Bull market, bear market, correction and crash: simple definitions, figures, the example of the MASI in 2026, and why cycles are hard to predict.
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Behavioural biases in investing
Fear of missing out, herd behaviour, loss aversion, confirmation bias: 7 common behavioural biases on the stock market explained, with simple examples.
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Segments and the block market
Principal, Alternative, central market, block market: how the Casablanca Stock Exchange is organised and why a large block volume reads differently.
Read the guide →Reading a balance sheet
Assets, liabilities, equity, net debt: a company balance sheet explained simply, with a worked example and traps to know about.
Read the guide →Reading your portfolio statement
Average cost, portfolio value, paper gains and realised gains: these lines of a securities statement explained simply, with a step-by-step calculation.
Read the guide →Cyclical and defensive stocks
Why do some shares follow the economy and others less so? Cyclical and defensive stocks explained, with the main sectors of the Moroccan market.
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Gold, oil and the dirham explained
Gold prices, oil prices and the dirham exchange rate can affect companies listed in Morocco. The mechanisms explained, with the current exchange rate regime.
Read the guide →AMMC, Maroclear: who does what?
The roles of the AMMC, the Casablanca Stock Exchange, Maroclear and brokerage firms explained simply, with the path of an order and who to contact.
Read the guide →Insider trading and market abuse
What is inside information, insider trading or price manipulation? Market abuse explained simply, with concrete examples.
Read the guide →Reading an analyst note
“Buy”, “hold”, price target: what analyst notes really say, their assumptions, their limits and possible conflicts of interest.
Read the guide →Reading an information note
An information note often runs to hundreds of pages. Where to start, what to look at and what AMMC approval means: a simple guide.
Read the guide →OPA and OPR explained
Mandatory OPA at 40%, OPR at 95%, delisting: public offers in Morocco explained simply, with the example of the OPA on CMT in November 2026.
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Sukuk in Morocco explained
A sukuk is a certificate backed by assets. How it works, how it differs from a bond, Morocco’s first sovereign issue in 2018, and the risks.
Read the guide →Reading a stock chart
Line charts, candlesticks, open, close, high, low and volume: how to read a stock chart simply, and what a chart cannot tell you.
Read the guide →Calculating performance
Simple return, dividends, fees, annual return and comparing with the MASI: how to calculate a portfolio’s result, with worked examples.
Read the guide →Valuation ratios
Beyond the P/E, the P/B, EV/EBITDA and dividend yield help you understand a share’s price. Calculations, an example and the limits of each ratio.
Read the guide →Reading a bank’s results
A bank is not read like other companies. Net banking income, gross operating income, cost of risk and bad loans explained with an example.
Read the guide →IPO allocation and oversubscription
Oversubscribed 64 times: what does it change? How allocation works in an initial public offering, with an example, and the rules to read in the prospectus.
Read the guide →Share buyback programmes
What is a share buyback programme? Aims, maximum and minimum prices and the effect on earnings per share, with BCP’s example approved by the AMMC in 2026.
Read the guide →What listed companies publish
Annual report, half-year report, quarterly indicators and important news: the publications set out in Law 44-12 and how to read them.
Read the guide →Moroccans abroad and the market
Convertible dirham account, securities account, tax and transfers: what Moroccans living abroad should understand before the Casablanca Stock Exchange.
Read the guide →OPCI and listed property
What is an OPCI in Morocco? Law 70-14, SPI and FPI, 60% in real estate assets, rents, net asset value and risks, explained simply with an example.
Read the guide →Casablanca’s indices compared
MASI, MASI 20, MASI ESG, MASI Mid and sector indices: what each Casablanca index measures and why they can differ, with the example of 3 November 2026.
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