Towards the end of easy money in stocks? So that IPOs traditionally instilled a positive breath on the Casablanca stock exchange with an increased volume and higher indices it appears now that there is a trend reversal.
It has also been marked with the title SNEP, dated last company to be listed on the Moroccan market pending GSI Morocco, which had a very difficult week with a real dive. Usually
last added titles are experiencing a period of grace where reservations upward succession of significant price increases generally fast enough that propel the track to gain 50%, before seeing the trade to stabilize around an equilibrium price.
Gold SNEP now the state of grace did not last more than a week, we went from the highest point of the title of 1663 dhs only 9 November 1400 dhs this Friday, November 16, either a performance since the stock quotation reduced to a 12% gain winded.
If we add to that the low number of shares allocated during the introduction, with 2 to 3 tracks for most individuals, we find that the interest to participate in IPOs is not so marked that 'ago for investors. Is there
see a beginning of disinterest individuals for the Moroccan market?
The question worth asking, but I think this transition period is necessary and allow a return to reason with the end of the 50% increase in one or two weeks and we should move towards a more normal situation during introductions with higher satisfaction satisfactory to investors, far from the 0.5% or 1% down on last operations.
Brokerage firms, banks and other stakeholders in the Casablanca stock exchange should now look towards the development of tools for the medium-term investment as savings plans Action tax-free, or mutual funds invested in action. Especially
lurks the risk of seeing part of the new investors attracted by the performance of CGI Addoha and turn away from the Moroccan place in 2008 with the likely application of the tax on capital gains to 20% instead of 10% now .
difficult off of people's savings in exchange Although these last 2 years the Casablanca stock exchange has seen a record number of IPOs, with an exceptional year in 2006 with no fewer than 10 new listed companies, the emergence of a class individual investors on the stock market has trouble now truly take off.
Of course the big introductions What was the Addoha, CGI and other Atlanta and helped popularize mediate the Moroccan market, but we must recognize that this is still the tree that hides the forest.
Indeed, although these large operations have attracted considerable sums in excess of 100 billion dirhams in sales with peaks of more than 100,000 individual investors must qualify the real significance of these figures.
Often investors multiply the number of subscribers so artificille by signing orders on behalf of all family members in hopes of multiplying the shares obtained. Similarly
banks to grow on subscription through the leverage offered by the credit, so expect to get 10,000 dirhams of shares it is not uncommon for some individual claims up to 1 million dhs.
But these long-term practices is most likely to discourage a minority of the population invest in stocks, especially small shareholders unable to play the little game on subscription, for which he is likely to remain only crumbs.
The situation is already critical with the recent introduction of Atlanta where most investors have not seen each allocated only 2 actions by people and this scenario should reproduce SNEP with which we announced already ridiculous level of satisfaction, many will settle for 4 or 5 shares at most.
In the end, the authorities would benefit from encouraging small holders in their reserving a tranche of less than 50,000 dhs, which is a bet on the future, because for a real takeoff of the Moroccan stock market will require more than Wholesale spécualteurs who make their appearance each introduction, but rather a multitude of investors over the medium term.
In this sense the government should review its copy of the draft Finance Act 2008 which provides a passage of the tax on capital gains on securities 10% to 20%, and disclaimer below a ceiling of 100,000 dhs transfer and the creation of a savings action plan capital gains tax exemption after 5 years of detention in the PEA are steps in common sense.
Also, their side broker should play their role of guide and advisor with the development of online financial information and lower transaction costs, the emergence of online trading sites to 'Attijariwafa bank with WAFABOURSE BMCE and should be the occasion to launch a certain competition in so far as most speakers charge the maximum authorized by law, hindering the growth of transactions with orders whose cost amounts to nearly 1% of the amount ordered.
