The Casablanca Stock Exchange in Morocco is a small but active stock exchange in Africa. The third oldest stock exchange in Africa, it was established in 1929 and currently has 14 members and just under 50 listed securities with a total market capitalisation as at Dec 1996 of $8.6 billion. All listings are included in the only index, the Index de la Bourse des Valeurs de Casablanca.

The exchange is relatively modern, having experienced reform in 1993. It has an electronic trading system. There are plans to implement a central scrip depository.

The Casablanca and Tunisian stock markets are covered in a quarterly report on Arab stock exchanges established by the Abu Dhabi-based Arab Monetary Fund. The report includes individual indices for each market, as well as a weighted composite tracking four Middle Eastern and the two North African bourses.


The Association Professionelle des Societes de Bourse formulates the rules and procedures for trading and Le Conceil Deontoligique des Valeurs Mobilieres performs a monitoring function.

There are no restrictions on foreign investment on the Casablanca Stock Exchange, nor on foreign ownership of companies. Trading days are Monday to Friday, between 08h30 and 12h30, with an OTC market also operating. Brokerage charges are 0.6% on traded value less than D1 million to 0.35% on more than D2,5 million in traded value. VAT of 7% is payable. There is a 10% tax on dividends which applies to both local and foreign investors, but there is no capital gains tax.


At the end of December 1996, market capitalisation stood at US$ 8.6 bn, compared with US$ 5.9 bn the previous year. Turnover value during 1996 was around US$ 2079.1 m on a volume of 34.1 million (down from US$ 2450.4 on 49.6 million the previous year).

The Index de la Bourse des Valeurs de Casablanca increased by more than 365 to 57,126 at the end of 1996, up from 41,929 at the end of 1995.

Shaun Bakamoso

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