According to the fifth edition of the report “The capital market in figures” published by theMoroccan Capital Market Authority (AMMC)more than 20,000 new Moroccan individual investors entered the market in 2025.
The number of natural persons Moroccan women active clients of stockbroking companies thus went from 11,931 investors in 2024 to 32,002 in 2025, a spectacular increase of 168% in the space of one year. These investors now represent 91% of the total clientele of brokerage firms. In total, the market had 35,287 active clients at the end of 2025, compared to nearly 14,600 a year earlier, reflecting a marked renewed interest among individuals in stock market investments.
This rise in power of individual investors is also reflected in the number of securities accounts opened. The AMMC indicates that the market totaled 401,169 securities accounts at the end of 2025, with an overwhelming predominance of resident individuals who represent 90% of all accounts. This development comes in a context of strong activity in the stock market and the multiplication of investment opportunities, particularly through IPOs and the good performance of several listed sectors.
Strongly accelerating stock market activity
The year 2025 was marked by a clear intensification of activity on the Casablanca market. The overall volume of trade increased by 63% to reach 161.1 billion dirhams. This increase was mainly driven by the central marketwhose activity jumped 98.2% over one year. At the same time, the market liquidity ratio improved, going from 12.5% in 2024 to 14.2% in 2025. Despite this rise in power of individual investors, institutional investors continue to dominate trading on the stock market.
THE legal entities Moroccan countries thus concentrate 34% of the volumes exchanged, ahead of Undertakings for Collective Investment in Transferable Securities (UCITS)which represent 30% of transactions. Moroccan individuals, however, occupy a significant place with 26% of the volumes traded, confirming their growing involvement in market dynamics.
THE foreign investors maintain a stable presence, representing 5% of exchanged flows. The share of capitalization held by foreign investors and Moroccans living abroad (MRE) reaches 21.2%, mainly in the form of strategic participations.
First private debt transaction carried out by an OPCI in 2025
The AMMC report also highlights the dynamism of financing the economy via capital market. In the private debt segment, fundraising reached 134 billion dirhams in 2025, compared to 104 billion a year earlier, an increase of 28.8%.
Negotiable debt securities remain the main financing instrument with 66 billion dirhams raised, representing 49.5% of the total. They are followed by corporate bond issues which mobilized 51 billion dirhams, or 38% of the market, while Collective Investment Fund in Securitization (FPCT) raised 16 billion dirhams, representing nearly 12% of financing.
The year 2025 also recorded a historic first with the completion of fundraising via a Real Estate Collective Investment Organization (OPCI). This operation, carried out in December, made it possible to mobilize 500 million dirhams.
IPOs boost the market
In the equity segment, fundraising reached 10.4 billion dirhams in 2025. This performance was largely supported by the IPOs of Vicenna, Cash Plus And SGTMwhich alone raised 6.1 billion dirhams. Beyond the amounts collected, these operations contributed to broadening the investor base and strengthening the attractiveness of the Casablanca market to the general public.
