The MASI closed at 16,533.58 points on Monday, March 9, 2026, posting a significant drop of 3.30% on the day and bringing its year-to-date losses to -12.27%.
Market Context
Global volatility hit the Casablanca exchange hard. The benchmark MASI 20 index, tracking the largest caps, fell 3.63% to 1,251.84 points, while the MASI Mid and Small Cap index declined 2.72%. The selling pressure was broad, with extremely weak market breadth showing only 11% of stocks advancing.
Global Macro Impact
The primary driver of this correction lies in the unfavorable global macroeconomic environment for a net energy importer like Morocco. Brent crude closed at $97.05 per barrel, up 4.7% on the day and 19.2% for the week, driven by escalating geopolitical tensions. This oil price surge directly pressures Morocco's trade balance and corporate margins. Simultaneously, the U.S. dollar strengthened significantly against the dirham, with the USD/MAD rate climbing to 9.3811, a 4.29% increase. This dirham depreciation increases the cost of imports and fuels inflationary pressures, a negative factor for equity markets.
Sectoral Moves and Stocks
The hardest-hit sectors were logically financial and industrial stocks sensitive to the economic cycle. BMCI (BCI) was the biggest loser in banking, falling 7.1% to 591.0 MAD. Industrial names like SMI (SMI, -7.3% to 6,025 MAD) and JET CONTRACTORS (JET, -8.4% to 2,005 MAD) also suffered heavy losses, reflecting fears about operating costs and demand. A few stocks resisted the downtrend, often for specific reasons. BALIMA (BAL) rose 5.9% to 246.85 MAD, while LESIEUR CRISTAL (LES) gained 5.8% to 349.0 MAD, potentially benefiting from agricultural commodity price dynamics. .