In short
- Each index has its own make-up and weights.
- Two indices can therefore move in opposite directions on the same day.
- Indices are reviewed: their content can change.
The main indices
| Index | What it follows |
|---|---|
| MASI | The market’s benchmark index. |
| MASI 20 | The 20 most liquid shares. |
| MASI Mid and Small Cap | Small and medium-sized companies. |
| MASI ESG | Companies selected on environmental, social and governance criteria. |
| Sector indices | One sector, such as mining or banks. |
| Total return indices | A performance that counts dividends. |
A real example: 3 November 2026
| Index | Change | Level |
|---|---|---|
| MASI | −0.76% | 16,390.89 points |
| MASI 20 | +0.10% | 1,196.95 points |
| MASI ESG | +2.20% | 1,257.00 points |
| MASI Mid and Small Cap | −0.01% | 1,558.85 points |
That day, Managem closed down 8.05%. According to Boursenews, the mining segment weighed heavily on the session. A big move in one share affects each index differently, depending on whether the share is included and on its weight. For the MASI ESG, Boursenews also reports a new make-up from that day. See our session report.
A share’s weight: a calculation
Made-up example: a share makes up 10% of an index and loses 8%. Its contribution to the fall is about 0.8%. In an index where it makes up 2%, its contribution is only 0.16%. Other shares can then offset or increase this move.
Price or total return
A price index does not count dividends. A total return index includes them. Over several years, the gap can be large, especially in a market that pays dividends. For example, the Stock Exchange has launched MASI.20 gross and net total return indices.
Reading an index well
- Check the period: the day, the year, or since a peak.
- See what moved: one share can explain much of the move.
- Remember that you cannot buy an index directly.
How the MASI works is explained in our MASI index guide.
Frequently asked questions
Where can I find an index’s make-up?
The Casablanca Stock Exchange publishes information and management rules for its indices.
Why are indices reviewed?
To reflect changes in the market, such as market values, free float and liquidity.
Sources
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
