May 04 2006 |
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The Moroccan Bourse Records $13 Billion Market Cap Growth this Year
Beirut (APD) - The Moroccan bourse, Casablanca Stock Exchange, recorded $13 billion growth in market capitalization during the first four months of 2006 to $41.57 billion on Thursday. The exchange saw its main indices - MASI and MADEX - move up around 46% over year-end 2005.The Moroccan All Shares Index (MASI, also known as the Casa All Share Index), a free-floating index including 56 stocks, has surged 44.48% this year to jump over the fence of 8,000 points, closing Thursday at 8003.16 points.
The Moroccan Most Active Shares Index (MADEX), which tracks Morocco's 20 most traded stocks, has advanced 48.14% since end of December 2005 to close Wednesday at 6 457,02 points.
Reports produced by the bourse show that the number of local investors has reached 3 million, equivalent to almost 10% of the country's population.
The market capitalization of the Casablanca Stock Exchange stood at MAD 252.33 billion ($28.75 billion) at the end of 2005, and MAD 206.52 billion ($23.52 billion), year-end 2004.
Thus, market cap was equal to 55% of GDP on December 31 of last year (against 47% in 2004). The number of listed companies was 54 at the end of 2005, increasing to 56 by end of April.
In terms of month by month developments, the MASI kicked off the year at 5,524.82 points. During January, the index grew by 20%, to 6,654 points.
In mid February, the index reached 7,243.84, but retracted to 6,960.48 points at the end of the month, marking a 4.3% increase month-on-month.
The index reflected limited activity for March, fluctuating in the 7,000 points range to end the month at 7,245.44 points.
April, however, brought another development spurt for the exchange, with the index growing by 10% to close at 8,074.94 points.
With a growth of 67%, or more than double the market average, the oil and gas sector index was the best performer since end of December, followed by the construction and building material sector index with a 61% growth and the utilities index by 52%. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
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