The Paradox of Fundamentals vs. Technicals
The Casablanca Stock Exchange retraced part of Wednesday's gains on Friday, March 20, 2026, with the MASI index declining 1.53% to 17,243.58 points despite spectacular 2025 annual results published by construction and logistics giants. The striking contrast between SGTM's fundamental performance — net income more than doubled — and the market's technical weakness illustrates investor caution amid Middle East geopolitical tensions and euro strength, reports Medias24.
This correction comes just two days after an euphoric March 18 session (+2.62% on the MASI) that warmly welcomed the annual publications. The volatility underscores the tension between solid corporate balance sheets and an uncertain macroeconomic environment, marked by Brent crude at $105.3/barrel (–3.1% on the session but +5.1% weekly) and the EUR/MAD cross rising 3.18% to 10.799, according to foreign exchange data.
Key Figures — Session of March 20, 2026
• MASI: 17,243.58 (−1.53% session, −8.5% YTD)
• MASI 20: 1,322.41 (−1.47% session, −10.99% YTD)
• SGTM Net Income 2025: +127.5% to MAD 1.342B
• Marsa Maroc Net Income 2025: +25.4% to MAD 1.589B
• EUR/MAD: 10.799 (+3.18%)
• Market Breadth: 15 advancers / 45 decliners / 4 unchanged