The share of the market capitalization held by foreigners amounted to 31.94% at the end of 2019, for an amount of 200.19 billion dirhams (MMDH), thus remaining almost at the same level as the previous year (32 , 56%), according to the Moroccan Capital Market Authority (AMMC).
In amounts invested, foreign capital increased by 5.61%, specifies the AMMC in its report on foreign investment in financial instruments, attributing this progression to an increase in the prices of listed shares making up the portfolios of foreigners.
At the end of 2019, foreign investment covered all the companies listed on the Casablanca stock exchange at variable levels, in reference to their market capitalization, adds the report, noting that for 50 companies, foreign investment represents less than 25% of their market capitalization, including 43 companies for less than 10%.
For 9 companies, foreign investment represents a share between 25% and 50%, 7 companies have a share of the capital between 50 and 75%, while 9 companies have a share of the capital held by foreigners representing more than 75% .
Recalling that any shareholding which represents more than 4% of the capital of a listed company is qualified as strategic, the AMMC underlined that strategic holdings dominate foreign investment in listed securities, since they represent more than 91% of the total amounts invested, almost stagnating compared to the level recorded in 2018.
In general, the floating share (shareholdings of less than 4% of the capital) of foreign investment on the Casablanca Stock Exchange remains marginal insofar as it represents only 2.71% of the market capitalization at the end of 2019, observes AMMC, noting that at the floating market capitalization scale, the floating share of foreign investment represents 11.33%.
In terms of strategic holdings, the two sectors “Electricity” and “Electronic and electrical equipment”, represented respectively by the companies Taqa Morocco and Nexans Maroc, show respective holding rates of 86% and 84%. These sectors are followed by the “Beverages”, “Telecommunications”, “Engineering and industrial capital goods” and “Utilities” sectors which are more than 50% owned by foreigners.
LNT with CoP