Foreign investors abandoned the Moroccan capital market in 2022. Indeed, the overall value of the stock of shares they hold fell by 25.3% in one year, to reach 156 billion dirhams, according to the report of the AMMC. This now corresponds to 27.8% of market capitalization, against 30.3% a year earlier, down 2.5 points. It should be noted that this decline does not amount to a withdrawal from the stock market; but, rather, to the overall decline in the stock index, of more than 20% in 2022, which has reduced market capitalization and de facto, the share held by these investors.
It must be said that the investment of foreigners in listed shares consists mainly of strategic holdings (represents more than 4% of the capital of a listed company), or 91.8%. This share was 91.3% a year earlier. However, the minority share improved slightly, by 1.3 points from one year to the next, to reach 8.2%, with an amount of 12.8 billion dirhams.
The distribution of foreign investment by origin shows that more than half comes from the Middle East with 51%, while 42.5% from Europe. Besides, 3.3% of investments are from Africa, 1.8% from Asia and 1.4% from North America.