Moroccan bourse dragged lower by large caps

Published May 29th, 2001 - 02:00 GMT

CASABLANCA, (Reuters) - Morocco's bourse closed Monday's session, May 28, 0.60 percent lower, pulled down mainly by the largest capitalization firms such as ONA, BCM and Wafabank, traders said. The all-share index fell to 653.11 points from 657.06 points last Friday. 

 

Total traded volume was a very low 27.6 million dirhams ($2.3 million), all of which was on the central market. 

 

"The market activity remains sluggish due to absence of strategic investments and institutional operators such as insurance firms," a broker at Upline Securities said. 

 

The bourse has even ignored the positive rating assigned by Nomura brokerage house to leading Moroccan banks, the broker added. 

 

In a research report marking its re-entry into Middle Eastern markets, the London-based Nomura said on Monday that shares of banks including BCM, Wafabank and BMCE Bank had become less risky after they withstood harsh economic conditions. 

 

BMCE closed unchanged at 453 dirhams, while BCM and Wafabank fell 0.57 and 1.07 percent to 870 and 742 dirhams respectively. 

 

Morocco's largest private conglomerate ONA Group lost 2.48 percent to close the session at 1,100 dirhams per share. ($1= 11.847 Moroccan Dirhams)  

 

 

© 2001 Mena Report (www.menareport.com)

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