Regional Markets

MOROCCO The Moroccan equity market rallied strongly in September, drawing strength from reports of oil and gas discoveries in the kingdom. The findings, which are expected to dramatically change the face of the Moroccan economy, would help to lessen the country’s heavy dependence on the agricultural sector and make of Morocco a net exporter of oil in a few years. Blue chip stocks across the board reacted positively to the news and investors’ enthusiasm was apparent in the substantial increase in trading volumes. Egypt Sentiment was mostly positive in Egypt; however, the stock exchange failed to uphold some gains realized in the month of August with most blue chips witnessing consolidation. Among the most demanded stocks were CIB, MobiNil and OT, which together captured the bulk of trading activity. Despite signs of improving domestic conditions, particularly on the macro level, the market remains clouded by uncertainty and tight liquidity condition.