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Casablanca Stock Exchange MASI index jumps 4.46% after Strait of Hormuz agreement announcement
via Le Matin2 min read
The Casablanca Stock Exchange experienced a significant rebound at the start of the week, following the announcement of an agreement between the United States and Iran and the reopening of the Strait of Hormuz, a strategic passage for global oil trade. US President Donald Trump indicated on Sunday that an agreement had been "finalized," leading to a positive market reaction to the prospect of a gradual normalization of energy flows in the region. The benchmark MASI index closed up 4.46% at 18,753 points, with a total volume of 537 million dirhams. This increase allowed the index to recover almost all of its year-to-date losses, which are now at -0.49%. The trading session was largely favorable to buyers, with 55 stocks ending higher, 10 lower, and 4 unchanged. The rebound affected several major capitalizations. Managem recorded one of the session's strongest gains, rising 10% to 14,998 dirhams on a volume of 60 million dirhams. Marsa Maroc also contributed to the market's rebound, attracting 57 million dirhams and closing up 6.63% at 869 dirhams. In the banking sector, Attijariwafa bank saw 50 million dirhams in trades and gained 3.68% to 705 dirhams. Maroc Telecom traded 37 million dirhams and ended the session up 2.30% at 93.5 dirhams. This rebound follows a period of high volatility in Casablanca, particularly due to Middle East tensions and their impact on raw materials, energy, and mining stocks. While the agreement announcement temporarily restored confidence, investors
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This summary was AI-generated from a story originally published by Le Matin.
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Morocco has called for the prompt implementation and full respect of the memorandum of understanding between the United States and Iran. According to a statement from the Ministry of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad, this agreement is crucial for consolidating the ceasefire and ensuring lasting freedom of maritime navigation in the Strait of Hormuz. The Kingdom of Morocco also thanked the mediators for their efforts in facilitating this progress and expressed hope that the agreement will contribute to resolving other outstanding issues in accordance with international law. US President Donald Trump had previously announced that an agreement with Iran was "finalized" and that the Strait of Hormuz would be reopened.