Capital market: a optimistic development recorded in 2021

AMMC observes confirmed progress in key indicators in its newest report

The benchmark index of the Casablanca Inventory Alternate for the fiscal 12 months 2021 rose, bringing its full-year efficiency to +18.35.

The capital market carried out positively for the 2021 fiscal 12 months, with the principle market indicators rising. A development confirmed by the Moroccan Capital Markets Authority (AMMC) in its new publication “Capital market in numbers”.

The primary of its variety, this report tends to supply market consultants and most of the people with annual statistical information on market exercise lengthy earlier than the regulator’s annual report. The particular figures formulated are, the truth is, solely produced and maintained by AMMC. Highlighted indicators are associated to elevating capital, inventory market, asset administration and holding of securities.
Particulars !

Alternate transactions: 75 billion dirhams traded in 2021

The inventory market consolidated drams 106 billion for the fiscal 12 months 2021, thus reaching a capitalization of round dh 691 billion versus dram 585 billion recorded in 2020. The annual commerce quantity reached its share of 75 billion dirhams, representing a rise of 34 p.c. % in comparison with the earlier 12 months. Within the central market, the amount appreciated by 23.7%, thus capturing greater than half (+55%) of the entire buying and selling quantity. AMMC additionally notes that the liquidity indicator is appreciated.

Second, it was 9.86% for December 2021, in comparison with 8.83% in the identical interval of the earlier 12 months. Notice that the benchmark index of the Casablanca Inventory Alternate for fiscal 12 months 2021 has risen, bringing its efficiency to +18.35 for the entire 12 months. Citing AMMC, different Moroccan indices have elevated by +17.40% for the MSI20 and +23.55% for the FTSE CSE Morocco 15 for the reason that starting of the 12 months.

53.7% of GDP captured by UCIs

AMMC underlines the dominant weight of Collective Administration Organizations (OPC) within the Moroccan economic system in its publication, in its evaluation of collective administration. A optimistic improvement has been recorded at this stage. Thus, the online property of the UCIs elevated their share of the GDP agency in comparison with 2020. In reality, they characterize 53.7% of GDP in comparison with 49.6% a 12 months in the past. The excellent quantity of UCI amounted to Dh 627 billion, indicating a rise of 16.2%. From AMMC we are able to notice: “The web property of the UCITs are 593 billion, and the OPCIs are 22 billion, virtually 4 instances greater than in 2020”.

By fund sort, UCITS’ excellent fairness amounted to dirham 47 billion on the finish of 2021, consolidated by 27.1%. The extraordinary quantity of diversified funds, supported by optimistic internet flows of greater than dirham 29 billion, reached a peak of 105%. The property of bond funds, alternatively, elevated by 5.4%. A efficiency pushed by optimistic internet flows of +10.3 billion dirhams, in line with AMMC.
Cash market funds adopted the identical development.

Their excellent quantities are estimated to be 81 billion dirhams, a rise of 12.1%. AMMC states in its evaluation that the property underneath UCITS’ administration are primarily invested in unlisted securities. On their very own, they seize 77.18% of the entire property invested.
The excellent quantity of those securities elevated by 11.75% in 2021 to 499 billion dirhams. On the identical time, securities traded on the trade elevated by 45.31% to roughly 63 billion dirhams.

60 billion dirham capital elevated

Then again, AMMC observes a contraction in capital enhance in its report. Second, it was 60 billion dirhams versus 76 billion dirhams in 2020. The rise in capital securities amounted to three billion dirhams. 600 million dirhams of those taxes relate to the preliminary public providing of the Normal Development Works firm (TGCC) in Casablanca.

Relating to debt enhance, AMMC states that whereas the monetary sector considerations as much as 72%, the holding firms sector represents solely 9% of debt enhance. “On this context, the excellent steadiness of bonds on the finish of 2021 elevated by 5.1% in comparison with the top of 2020, reaching 159 billion dirhams, whereas the securities steadiness was 84 billion dirhams and remained virtually fixed in comparison with the earlier 12 months. Finish of 2020” explains AMMC.

Securities lending: Operations down 27%

Furthermore, the amount of securities lending transactions fell to 185 billion dirhams on the finish of 2021, a 27% lower from the earlier 12 months. On this sense, AMMC observes a unprecedented quantity of 21 billion dirham securities lending transactions. Non-financial firms high the checklist of main debtors. They monopolize a share of 34.3%.

Banks are within the second place with a share of 32.9%. UCITS ranks first among the many predominant lenders. They seize 81.1% of the amount processed alone. As for traders, AMMC lists 148,079 securities accounts by the top of 2021. 85.2% of those are held by residents.

Maroclear: Over 2,000 billion DH property held in 2021

The full quantity of excellent property held by the central custodian Maroclear amounted to dirhams 2,192 billion on the finish of 2021 for a complete of 1,534 securities held. “Operational exercise generates a longtime circulate of dirham 58 billion and 1,362 securities transactions per day on common, together with 942 curiosity funds, 315 debt repayments and 104 dividend funds,” AMMC explains in its report. It needs to be famous that the variety of lively prospects of brokerage homes decreased by 2.8% in comparison with the earlier 12 months.

On this sense, we notice 8,261 prospects, of which 6,228 are Moroccans. In accordance with AMMC, exercise within the central compartment of the Casablanca Inventory Alternate confirms the market construction carried by native authorized entities.

“UCITS and Moroccan authorized entities do certainly account for 74% of transaction quantity in digital recession (73%) in comparison with 2020. The share of market capitalization owned by foreigners and MREs is round 30%, largely strategic holdings (93%), we study from AMMC. Relating to UCITS models and shares, the entire internet property managed are predominantly held by monetary firms, as in earlier years. They maintain 77% of whole property for fiscal 12 months 2021.

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