The MASI closed directionless at 17,157.76 points (+0.00%) on Thursday, March 12, 2026, in a session where MAD 360 million in turnover revealed spectacular sectoral rotation: banking establishments posted vigorous gains while consumer credit companies collapsed under cyclical and regulatory pressures. The benchmark index now shows a year-to-date decline of -8.96%, while the MASI 20, more representative of large caps, has retreated -11.83% to 1,309.89 points, widening the gap with regional stock exchange performances such as Johannesburg or Lagos.
Market breadth remained positive with 32 stocks advancing against 25 declining and 6 unchanged, out of 63 listed companies, according to data released by the Casablanca Stock Exchange. This contrasting picture is partly explained by the strong appreciation of the euro against the dirham, with the EUR/MAD cross settling at 10.81 (+2.82%), its highest level in several weeks. This rise in the European currency mechanically favors issuers with commercial or financial exposures in the eurozone, while weighing on importers of goods and services denominated in dollars, with USD/MAD advancing 0.65% to 9.3907.
The banking sector constituted the main bullish bastion of the session, driven by improved interest margin prospects. CFG Bank gained 3.5% to MAD 212.20, lifting its market capitalization despite a still-negative YTD performance of -13.39%, while BMCI advanced 3.4% to MAD 610.00. This resilience is explained by the high interest rate environment maintained by Bank Al-Maghrib, which supports net interest margins for credit institutions, combined with the positive effect of euro appreciation on assets held by these banks south of the Mediterranean. "Moroccan banks benefit from a favorable rate differential and increasing exposure to African markets via the BRVM, which partially offsets weak domestic credit demand," analyzed a strategist at Attijariwafa Bank Global Research cited by Medias24.