In short
- Continuous trading: change limited to 10% of the reference price in one session, since October 9, 2023.
- Fixing trading: limit of 6%.
- New listings: up to 20% during the first 5 sessions, since June 23, 2026.
- A suspension temporarily stops trading in a share.
What limits are for
They prevent extreme moves in a single session and give investors time to react. These limits are set by regulation and can change: the figures above come from decisions reported by the press on the dates shown.
A worked example
A made-up example: a share in continuous trading has a reference price of 200 dirhams.
| Limit | Calculation | Price |
|---|---|---|
| Upper | 200 + 10% | 220 MAD |
| Lower | 200 − 10% | 180 MAD |
If very strong demand exceeds supply at the upper limit, the rise can spread over several sessions. This is sometimes seen after an IPO.
Words from the news
| Term | What it means |
|---|---|
| Reserved upwards | Demand far exceeds supply: trading is temporarily blocked at the level reached. |
| Reserved downwards | Supply far exceeds demand: the same mechanism, in reverse. |
| Suspension | The share cannot be traded for a time, often while waiting for information. |
| Fixing | Orders are grouped, then executed at a single price. |
| Continuous trading | Orders are executed as soon as they match. |
A real example: Managem
According to the exchange’s notice reported by L’Economiste, trading in Managem was suspended on October 30, 2026 pending important information. On November 2, the company asked for trading to resume on November 3. Read our article on Managem.
What a suspension does not tell you
A suspension alone does not show whether the news is good or bad. During this time, the share does not trade on the market. When trading resumes, the price can move far from the last known price, within the set limits.
Suspension and resumption notices are published by the Casablanca Stock Exchange. The rules in force are in its instructions and in AMMC decisions.
Frequently asked questions
What happens to my orders during a suspension?
It depends on their validity and on your intermediary’s rules. Your brokerage firm can tell you.
Can a share rise more than 10% in a few days?
Yes. The limit applies to one session, and the reference price then changes.
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.
