2023-08-11 09:00:30
Market capitalization stood at 598.5 billion dirhams, up 6.7% compared to the end of 2022.
Referring to the AMMC, the market performance observed for the first six months of the year is part of a context of growth in economic activity and deceleration in inflation.
The first half is marked by the recovery for the capital market. A confirmation made by the Moroccan Capital Market Authority (AMMC) in its recent review. The first six months of the year are marked by the rise in the main market indicators compared to the end of 2022. This performance is part of a context of growth in economic activity and deceleration in inflation. In this regard, the market capitalization stood at 598.5 billion dirhams, up 6.7% compared to the end of 2022. An increase which, according to the AMMC, reflects the 8.02% increase in the Masi at 11,579.76 points. “Concerning the volume on the central and block markets, the Casablanca Stock Exchange recorded during the first six months of the year 2023, a transactional volume of 15.3 billion dirhams, down -20.7% year-on-year annual”, can we report to the AMMC. And to specify that “on the central market, the daily average of exchanges went from 141 million dirhams during the first half of the year 2022 to 112 million dirhams over the same period of the year 2023”. In June, the liquidity ratio stood at 8.61% for the month of June 2023, once morest 8.82% a year earlier. A look back at the main trends of this first half.
UCITS: A net asset of 525.4 billion dirhams
Among the events that marked the first six months of the year, mention should be made of the increase in subscriptions to UCITS. The latter amounted to 460.7 billion dirhams at the end of May. Redemptions amounted to 426.1 billion dirhams, i.e. a net collection of 34.6 billion dirhams. “In terms of net position, UCITS of the “CT Bonds” and “Money Market” types posted the largest collections, i.e. 23 billion dirhams for the first category and 22 billion dirhams for the second”, notes the AMMC in its review of the capital market, which states that this interest in these two vehicles testifies to the caution of investors with regard to the uncertainty characterizing the interest rate market, which favors short-term investments because of their nature less volatile. At the same time, the medium and long-term bond segment posted outflows of around 7.7 billion dirhams. “Contractual” type UCITS come in second place with a negative balance of 2.4 billion dirhams. For their part, UCITS of the “Money Market” and “CT Bond” types recorded, for the first five months, performances of 1.18 and 0.87% respectively. “Equity” UCITS recorded a positive performance of 1.09%, in line with the rise in Masi (+3.07%). The AMMC also shows declines in both “MLT Bonds” (-3.88%) and “Diversified” (-3.02%) UCITS. It should be noted that the net assets of UCITS amounted to 525.4 billion dirhams, up 4.9% since the start of the year.
Securities lending: Business improving markedly
With regard to the “securities lending” activity, the transaction volume reached 127.4 billion dirhams for the first five months. To this end, activity has improved by 72% compared to the same period of 2022. “Securities lending transactions remain dominated by Treasury bills, with 98% of the total volume. Certificates of deposit were the subject of lending transactions with a share of 1.13%, followed to a lesser extent by finance company bonds and commercial paper which accumulated 0.77%, while the shares recorded a share of 0.02%”, can we read from the publication of the AMMC. And to specify that “bonds and UCITS were not the subject of securities lending during the first five months of the year 2023”. With regard to borrowers, 50% of them are banks once morest 19% UCITS and 17% non-financial companies. As for lenders, UCITS hold 84% of the volume of transactions processed while the remaining 16% are captured by banks.
Sovereign debt: 155 MM DH raised at the end of May
With regard to the debt market, the AMMC ensures in its publication that the share of Treasury bills in the debt market remains predominant, representing 73% of the total outstanding amount. “In the sovereign debt segment, Treasury raising amounted to 155 billion during the first five months of 2023. Issues amounted to 41% on average maturities, 39% on maturities short and the remaining 19% on long maturities, with rates between 2.9 and 5.5%”, we learn. It should be noted that bond market issues have stood at 3.5 billion dirhams since the beginning of the year. Similarly, market issues of negotiable debt securities stood at around 37 billion dirhams at the end of May 2023, draining up to 75% by bank levies.
Maroclear: 4.9% increase in capitalization
2.14 billion dirhams is the capitalization of securities held by Maroclear for the first five months of the year. It is thus up by 4.9% compared to the end of 2022. Referring to the publication of the AMMC, this improvement is explained by the 5.3% increase in the outstanding amount of Treasury bonds. It thus went from 665 billion dirhams at the end of December 2022 to 700 billion dirhams at the end of May 2023. The outstanding amount of UCITS also increased by 6.9% to reach 522 billion dirhams at the end of May 2023 once morest 488 billion dirhams at the end of December 2022.
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