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Coronavirus : Casablanca Stock Exchange falls sharply in Q1-2020

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The Casablanca Stock Exchange fell sharply during the first three months of the year, hit hard by the Covid-19 health crisis, like the international financial markets.

The Casablanca stock market started the year in good shape, its star index, the Masi, reached a high of 12,633.57 points on January 22nd and closed the first month of 2020 with a net increase of 2.96%. However, the BVC, caught up by coronavirus-related psychosis, collapsed in March. Its two main indices, Masi and Madex, fell back to 9,704.85 and 7,876.80 points respectively, recording decreases of 20.85% and 21.26% respectively.

Over the year, these two barometers posted underperformances of -20.27% and -20.59% respectively. In value, the capitalization of MAD 123.67 billion went up in smoke within three months.

Regarding international indices, the FTSE CSE Morocco 15 fell by 21.09% to 8,551.88 points, and the FTSE Morocco All-Liquid dropped 21.40% to 8,259.42 points.

The Environment, Social and Governance (ESG) Casablanca ESG 10 benchmark index in turn dropped 22.11% to 742.34 points.

In terms of sector variations, no sector out of the 24 listed has managed to escape the downturn. The biggest decline was in Leisure and Hotels (-42.32%), one of the sectors most affected by the coronavirus crisis. Similarly, the Real Estate Participation and Development sector fell by 42.19%, while the Engineering and Industrial Capital Goods sector lost 41.86%.

The mining sector, for its part, recorded a sharp decline of 34.28%, due in particular to the downturns at Managem (-44.82%) and Minière Touissit (-33.05%). SMI and Rebab Company, on the other hand, limited their losses to -4.34% and -5.79% respectively.

Banks (-22.62%) also suffered considerably in the first quarter of 2020, with falls of -25.47% for Attijariwafa Bank, -22.16% for BCP, -18.75% for Bank Of africa, -17.76% for BMCI, -15.38% for CIH and -13.93% for CDM.

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