The opening bell clanged sourly for the Casablanca Stock Exchange on Monday, as stocks slipped lower to kick off the new trading week. The benchmark MASI index shed 0.09% right off the bat, giving back some gains from last week’s positive finish.
Friday’s uptick for the Masi proved to be just a brief reprieve, as the index dipped below the 11,950 level with Monday’s weak open. Trading started cautiously amid global growth concerns.
While minor, the losses eat into the index’s year-to-date gains, which remain up a slight 3% for 2023. Investors are keeping a close eye on rising inflation and the potential for slowing demand to dampen corporate earnings going forward.
With stocks struggling to find their footing, it could be another bumpy week in Casablanca. Bulls will be hoping the market can regain its momentum and continue 2023’s upward trend. But bears warn more volatility may be ahead if global headwinds continue to blow.