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.
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