In short
- The MASI (Moroccan All Shares Index) tracks all shares listed in Casablanca.
- It is weighted by free-float market cap: big companies weigh more.
- The MASI 20 covers the 20 largest and most liquid stocks.
- You can invest in the whole market through index or diversified funds.
What is the MASI?
The MASI is the Casablanca Stock Exchange’s overall index. It includes all listed shares and shows, in points, how their combined value changes. When the MASI rises 1%, the free-float value of the whole market has risen by about 1%. It is the benchmark used by the media, fund managers and investors.
How is it calculated?
The MASI is weighted by free-float market capitalisation: for each company, only the shares really available for trading count. This means big banks, Maroc Telecom and other large companies have a strong influence on the index, while a big rise in a small stock barely moves it.
The price index does not include dividends. Since dividends are important in Morocco, an investor who reinvests them earns more than the simple change in the MASI.
MASI, MASI 20 and sector indices
| Index | What it includes | Use |
|---|---|---|
| MASI | All listed shares | Overall market thermometer. |
| MASI 20 | The 20 largest, most liquid stocks | Reference for index products and big investors. |
| Sector indices | Banks, construction, telecoms, real estate… | Compare a stock with its sector. |
| MASI ESG | Companies selected on environmental, social and governance criteria | Responsible investing. |
How to invest in the MASI
You can’t buy an index directly, but you can get close: index or diversified equity funds run by Moroccan asset managers, or a diversified portfolio of the largest stocks in the index. Law 03-25 allows ETFs, but as far as we know, none was listed in Casablanca at the end of October 2026.
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.
