How to Invest in the Casablanca Stock Exchange in 2026

1. Casablanca Stock Exchange indices 2026

3 main indices measure Casablanca Stock Exchange performance.

MASI — reference index

Wide index grouping all eligible listed companies (76 values in May 2026). Total capitalization ~ MAD 1,130 billion (end of August 2026). 2024 performance: +22.16% (closing at 14,773.19 points). 2025 performance: about +27.6% (closing at ~ 18,850 points). MASI point value end of August 2026: ~ 19,100 points.

MSI20 — large caps

Index of 20 largest market capitalizations. Includes Attijariwafa Bank (~ MAD 100bn), Maroc Telecom (~ MAD 75bn), Bank of Africa BMCE.

MASI ESG — responsible investment

Index filtering companies respecting Environmental, Social, and Governance criteria. 38 eligible companies. 2024 performance: +18.2%.

2. Top 10 largest capitalizations to know

The 10 largest companies concentrate ~ 65% of total market capitalization.

Top 5 — banks and telecoms (50% of capitalization)

1. Attijariwafa Bank (~ MAD 100bn, 2025 dividend ~ 4.2%). 2. Maroc Telecom IAM (~ MAD 75bn, dividend ~ 5.5%). 3. Bank of Africa BMCE (~ MAD 50bn). 4. BCP (~ MAD 45bn). 5. CIH Bank (~ MAD 18bn).

Top 6-10 — insurance, cement, agriculture, energy

6. Wafa Assurance (~ MAD 17bn). 7. LafargeHolcim Maroc (~ MAD 16bn). 8. Cosumar (sugar, ~ MAD 14bn). 9. Itissalat Al-Maghrib (~ MAD 13bn). 10. Managem (mining, ~ MAD 12bn).

Under-represented sectors

Casa Exchange = little tech, little renewable energy. Limited diversification for investors seeking tech exposure.

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3. How to open a securities account in Morocco 2026

To buy stocks on Casablanca Stock Exchange, you must first open a securities account with an AMMC-approved intermediary.

The 6 AMMC-approved intermediaries in 2026

Attijari Intermédiation: market leader ~ 28% share. Online brokerage fees 0.4%. CFG Bank Bourse: independent broker, fees 0.5%. BMCE Capital Bourse: 0.5%. CDG Capital Bourse: institutional positioning. BMCI Bourse: 0.6%. AlphaMena: 100% online, fees 0.4% — cheapest for active traders.

Required documents

National ID, residence proof < 3 months, RIB Moroccan checking account, initial deposit MAD 1,000-10,000. For MREs: valid consular card + passport + foreign income proofs + CCDC or CCED RIB at Moroccan bank.

Opening procedure (7-15 days)

Step 1: broker choice. Step 2: branch appointment or online request. Step 3: securities account agreement signing. Step 4: documents transmission and initial deposit. Step 5: AMMC validation and account creation within 7-15 days. Step 6: platform credentials receipt. Step 7: fund transfer.

4. Beginner investment strategies 2026

Investing in stocks is NOT short-term speculation. The following strategies have historically delivered best risk-adjusted performance.

Strategy 1 — Monthly DCA (Dollar Cost Averaging)

Invest a FIXED amount monthly (e.g., MAD 1,000/month) in a basket of 5-10 MSI20 stocks, regardless of market level. Over 10 years, monthly DCA of MAD 1,000 in MSI20 would have built capital of ~ MAD 220,000 (vs MAD 120,000 cumulative invested), i.e., equivalent performance ~ 11% annual IRR.

Strategy 2 — Buy & Hold dividends

Buy and durably hold high-dividend stocks (4-6% per year) to generate passive income. 2026 top selection: Maroc Telecom (5.5%), Attijariwafa Bank (4.2%), Itissalat Al-Maghrib (4.8%), Wafa Assurance (4.0%), BCP (3.9%).

Strategy 3 — Index via SICAV

For beginners not wanting to select individual stocks, passive investment via Morocco stocks SICAV. Advantages: instant 76-stock diversification, professional management. Disadvantages: management fees 1.2-1.8%/year.

Common mistakes to avoid

(1) Day trading without experience: 80% of active retail traders lose money. (2) All-in on a single stock. (3) Selling during market downturn out of panic. (4) Underestimating time horizon. (5) Ignoring fees.

5. 2026 Stock Exchange taxation: advantages and obligations

Capital gains and dividend taxation on Casablanca Stock Exchange offers several advantages to individuals.

Capital gains: 15% income tax on listed shares

Gains realised by an individual on the disposal of shares listed on the Casablanca Stock Exchange are subject to income tax at 15% (article 73-II of the General Tax Code); the rate is 20% for unlisted securities, bonds and diversified UCITS. Contrary to a widespread belief, there is NO exemption based on how long you hold: keeping a share for more than 12 months does not exempt the gain. The only exemption is a threshold: if your total disposals over the calendar year do not exceed MAD 30,000, the gain is not taxed — and it is an overall threshold, so one dirham above it makes the entire gain taxable. You must file and pay the tax spontaneously within 30 days following the month of disposal (article 84). Capital losses offset gains of the same nature in the year and carry forward for 4 years. The only scheme that genuinely exempts on a holding-period basis is the Plan d'Épargne en Actions (PEA), exempt if the plan is held for at least 5 years.

Dividends: 11.25% withholding tax in 2026

Dividends paid by listed companies are subject to a final withholding tax whose rate depends on the year of payment: 12.50% in 2025, 11.25% in 2026 and 10% from 2027. This declining path was introduced by the 2023 Finance Act (the rate was previously 15%) and unified by the 2025 Finance Act, which applies the rate of the distribution year rather than the year the profits were earned. On MAD 1,000 of gross dividends paid in 2026 you therefore receive MAD 887.50 net, withheld at source. For an MRE who is tax-resident abroad, the Moroccan withholding is the same and is generally creditable in the country of residence under the bilateral tax treaty.

Transaction fees to anticipate

Brokerage fees: 0.4-0.8% of transaction amount. VAT on fees: 20%. Stock exchange tax: 0.1% of transaction amount (seller only). Securities account maintenance fees: MAD 0-200/year.

MRE case — same regime as residents

An MRE is taxed exactly like a resident on Moroccan market investments: 15% income tax on listed-share gains, the same threshold exemption if total disposals for the calendar year stay at or below MAD 30,000, and an 11.25% withholding on dividends paid in 2026. There is no MRE-specific advantage and no holding-period exemption. The Moroccan withholding is, however, generally creditable in the country of residence under the bilateral tax treaty: keep your trade confirmations and withholding certificates to claim it.

6. FAQ

Q.How to invest in Casablanca Stock Exchange in 2026 as a beginner?

4-step procedure: (1) Choose an AMMC-approved broker among 6 actors. (2) Open a securities account (national ID + residence proof + RIB + initial deposit MAD 1,000-10,000, 7-15 days delay). (3) Start with monthly DCA strategy (MAD 1,000-3,000/month) on 5-10 MSI20 values. (4) Hold for the long run to smooth market risk — but note that holding longer brings no tax break in Morocco: listed-share gains are taxed at 15% whatever the holding period, with an exemption only if your disposals for the calendar year stay at or below MAD 30,000.

Q.What is the average return of Casablanca Stock Exchange in 2024-2025?

Excellent recent performance: MASI delivered +22.16% in 2024 (closing at 14,773.19 points, one of the best years since 2008), then about +27.6% in 2025 (closing at ~ 18,850 points). MASI point value went from ~ 12,090 at end-2023 to ~ 19,100 at end of August 2026. Over 10 rolling years, average annualized performance ~ 8-10%.

Q.What are brokerage fees to invest in stocks in Morocco 2026?

Online brokerage fees: 0.4% (AlphaMena, Attijari Intermédiation) to 0.6-0.8% (BMCI, CDG). Branch fees with advice: 0.9-1.2%. Add: stock exchange tax 0.1% of amount, 20% VAT on brokerage fees.

Q.Are capital gains on Casablanca Stock Exchange taxed in Morocco 2026?

Yes. An individual pays income tax at 15% on gains from disposing of listed shares (article 73-II of the General Tax Code), and 20% on unlisted securities, bonds and diversified UCITS. There is no exemption based on holding period: holding for more than 12 months changes nothing. The only exemption is a threshold: no tax if your total disposals for the calendar year stay at or below MAD 30,000 (an overall threshold — above it the whole gain becomes taxable). File and pay spontaneously within 30 days following the month of disposal (article 84). Losses offset same-nature gains in the year and carry forward 4 years. For a holding-period exemption you need a Plan d'Épargne en Actions (PEA), exempt after 5 years. Dividends carry a final withholding tax of 11.25% in 2026 (10% from 2027).

Q.Can a France-resident MRE invest in Casablanca Stock Exchange 2026?

Yes, without restriction. An MRE is taxed like a resident: 15% income tax on listed-share gains (exempt if total disposals for the year stay at or below MAD 30,000) and an 11.25% dividend withholding in 2026, generally creditable in France under the bilateral tax treaty. To open securities account: valid consular card + passport + French income proofs + CCDC or CCED RIB at Moroccan bank.

Q.What are the top 5 high-dividend stocks on Casablanca Stock Exchange 2026?

Top 5 stable-dividend stocks 2026: (1) Maroc Telecom IAM (5.5%). (2) Itissalat Al-Maghrib (4.8%). (3) Attijariwafa Bank (4.2%). (4) Wafa Assurance (4.0%). (5) BCP (3.9%). Balanced MAD 500,000 portfolio on these 5 values generates ~ MAD 23,000/year net dividends.

Q.Is it better to invest in direct stocks or via SICAV in Morocco 2026?

Depends on amount: for invested wealth < MAD 100,000, Morocco stocks SICAV more advantageous (instant diversification). For wealth > MAD 100,000, direct stocks more profitable. Recommended hybrid strategy: 70% direct large caps + 30% diversified SICAV.

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