MASI - Additional Upside Risks

The Moroccan All Share Index (MASI) surged 1.8% on March 26 to close at 11,228, having traded sideways for two months around the 11,000 level. Strong gains in the coming weeks will be crucial to consolidate last week's gains and set up the next leg of the rally, which could see the index rising to the 11,700-11,800 territory - the 2009 high that is serving as our resistance level.

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