Capital markets show divergent trends in France and Morocco

The French and Moroccan capital markets are showing divergent trends in 2026. In France, the SCPI (Real Estate Investment Trust) market has seen a resurgence, with collections in the first half of 2026 rising 10.1% compared to the previous year, reaching 2.17 billion euros. While office-centered SCPIs maintain 53% of the market capitalization, newer diversified European-focused funds are driving growth. Some recent funds have reported high distribution rates, such as Wemo One at 15.27%, though ASPIM notes that 53% of SCPIs reduced their dividends between 2025 and 2026.

In Morocco, the capital market presents a mixed outlook according to AMMC data. The Casablanca Stock Exchange has faced a decline, with the MASI index down 5.32% since the start of the year. However, trading activity saw a monthly recovery in July, with volumes increasing by 38.17%. Conversely, collective management through OPCVM is growing, with net assets reaching 826.73 billion dirhams, a 5.31% increase since the beginning of the year, driven largely by short-term bond and money market funds.