Stocks Bounce, But Fundamental Weakness Persists

Moroccan stocks have bounced over the past week, but we remain cautious in light of the poor economic outlook. The Morocco All-Share Index (MASI) has been on a downward trajectory since April 2008, one that has steepened sharply since September. The index plunged through support in early January and although it has since moved back within its five-month trend channel, it continues to look weak and a further break is a strong possibility.

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