Uptrend In Place, Diversification Status Still A Plus

The mid-April to mid-May evolution of the Moroccan All-Share Index (MASI) has played well into our recent view, according to which a break above the 2009 peak at 11,800 would be a bullish signal (see 'North African Stocks - A Mixed Picture', April 9, 2010). This proved right and took the index close to the 12,500 level. Despite the loss of the recently gained ground (end of May), the uptrend came back in place, recording 2.0% gains in 11 days of trading, and looks well primed for further gains going forward.

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