Capital Markets

The year 2013 was one of ups and downs for emerging market equities. The Moroccan All Shares Index (MASI) eased downwards in 2013 for the third consecutive year, ceding 2.6%. However, the decline was markedly slower than in 2012, when it fell 15.3%. The Casablanca Stock Exchange (CSE) certainly grappled with a number of exogenous pressures, hitting a five-year low at the end of August 2013. While overall market performance in 2013 was muted, a number of sub-segments saw prices rise over the course of the year. Performance in early 2014 has already begun to show promise, with the exchange up 3.4% year-to-date and up 6.8% year-on-year (y-o-y) as of May 2. As the year progresses, the reclassification to a frontier market by MSCI and the successful initial public offering (IPO) of the Jorf Lasfar Energy Company (JLEC) in December 2013 could continue to serve as catalysts to turn around the fortunes of the MASI. This chapter contains interviews with Said Ibrahimi, CEO, Casablanca Finance City, and Younes Benjelloun, Partner and CEO, CFG Group.