As the end of the year fast approaching, the Casablanca stock exchange suffers a stroke depression these days with a certain drop in the indexes and a downward trend which admittedly, is limited to -4.6% over the last month and bringing the annual performance of MASI to a comfortable 30.96% increase, but the question of the future of scholarship in the coming months. Recent introductions
ATLANTA, SNEP STOKVIS or other on the Moroccan market failed to return once the euphoria known with ADDOHA and CGI.
The dream is finished?
After these performances 2-digit years, with a growth rate of 30.5% in 2003, 14.7% in 2004, 22.5% in 2005, 71.1% in 2006 and nearly 31% in 2007 so far , investors were accustomed to nice capital gains they will have to tighten their belts?
An early correction would not be so catastrophic, according to some analysts would place even desirable to reduce the price of corporations to levels more in line with their results.
The Casablanca stock exchange it is true is currently paying a little expensive with a PER that is dangerously close to 30 times the expected results in 2007, returning to around the 20 is already more in line with what is practiced in other lands.
So what does it take on the season and the coming months?
Sell stocks, but why not look to what other products? Today
although the increase for this year is probably complete and should be between 30% and 35%, an output of the market does not seem to be the most recommended.
Although a round trip on its positions will be needed to avoid increasing the tax on capital gains security that should rise from 10% to 15% in 2008, but then a careful selection of shares constituting the portfolio will be more than required to remain on the site.
An output of sectors that experienced the sharpest increase is not excluded, as well as companies that have experienced very strong speculation, as for example the CIH.
But in the end if the stock picking will revert back to the rule, the picture is not so black, the arrival of many large companies in 2008 and 2009pourrait rekindled the flame on the market, one company already announced such as VEOLIA Morocco, Credit Agricole, Meditel, La Belle Vie and other subsidiaries of major groups, holding or investment funds.
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