Moroccan shares up 0.86 percent, trade picks up
CASABLANCA, (Reuters) - Morocco's bourse on Wednesday ended 0.86 percent higher in relatively active trade due mainly to a rise in blue-chip shares.
Brokers said the rise affected mainly stocks listed on the MSCI emerging markets index, such as mining holding Managem, largest listed capitalization ONA Group, Wafabank and oil refinery Samir.
"Trade was led by mutual funds and a small number of institutional investors in a market which saw a high demand met by weak supply," a broker said.
The all-share index closed at 651.13 points from Tuesday's 645.58 points close with a total equity traded volume of 84 million dirhams ($7.10 million) 22 million dirhams ($1.9 million).
Of the 31 traded stocks, 18 rose, five declined and eight ended unchanged.
Conglomerate SNI saw 71,449 of its share trading in a block deal at 850 dirhams each while Managem led trade in the central market with 6,981 share changing hands at an average 564.8 dirhams each.
Foodstuff firm Unimer posted the best performance after rising 5.5 percent on a volume of 550 shares, following Tuesday's 5.7 percent drop.
Insurance firm Marocaine Vie led losers with a 4.4 percent fall on a tiny volume of 13 shares.
An analyst said the market was in a positive situation after over two months of decline marked by an absence of institutional investors and very thin trade.
"The market should climb tomorrow but it could decline on Friday in a correction of previous rises, to test the 648 points resistance level of the index," he said.
He noted that local investors were awaiting the return of foreign investors to the trading floor ahead of the effective listing of the bourse in the MSCI emerging markets index due at the start of June. ($1= 11.831 Moroccan dirhams)
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