At the close of 2008, most financial analysts and observers of the Casablanca Stock Exchange (Bourse des Valeurs de Casablanca, BVC) agree that the market remains sheltered from the financial turmoil rocking global markets, with the national economy’s fundamentals still strong. Thanks to its advantageous position at the crossroads between European and African markets, the BVC, Africa’s third-largest market, is a top performer in the region, with a capitalization that reached MAD600 billion ($69.2 billion) in 2007. Officials are currently downplaying a bearish trend that began in October. In a statement Fathallah Berrada, president of the executive board of the bourse, gave assurances that there is no direct link between the global financial crisis and the current bearishness of the BVC. Berrada pointed out that Moroccan businesses and the overall economic environment remain strong and healthy, claiming that the morose climate in market circles is unfounded, caused “80-90% by psychology”
