Casablanca Stock Exchange: What trend for 2024?

Financial analysts, notably those at MSIN, seem positive for the year 2024, which would allow the stock market to continue its rise. This optimism is due to several reasons. First of all, inflation which would return below the threshold of 3% in 2024 and 2025, as Bank Al-MAGHRIB anticipates, which would put an end to the unprecedented cycle of monetary tightening initiated during the last two years by the central banks and which weighed heavily on the stock markets. In addition, the real interest rate, adjusted for inflation, would become positive in 2024, for the first time since the end of 2021.
On a more micro level, broker analysts forecast a 15% improvement in the profits of listed companies in 2023, benefiting from the combined effect of the good dynamics of the banking sector and the non-recurrence of liquidation charges. penalty imposed by the ANRT worth 2.45 billion dirhams.

On the sector side, the resumption of activity in several themes (construction, tourism, banking, events, transport, telecoms, etc.), taking advantage of the organization of the 2025 African Cup of Nations and the 2030 World Cup in Morocco, is also cited as a catalyst by MSIN. For them, the mobilization of the construction sector in the reconstruction program of the regions affected by the Al Haouz earthquake, for which a budget of 120 billion dirhams was allocated over a period of 5 years, will be favorable to the sector.

The recovery of the real estate sector from 2024, following the launch of the new housing assistance program which will run over the period 2024-2028, is also a factor of enthusiasm, as well as the hope of a good campaign agricultural, after two successive years of drought.

Finally, the announcement, as part of the PLF 2024, of the privatization of a certain number of state companies which have reached a sufficient degree of economic maturity to reduce the Treasury deficit, could also boost the stock market.