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Week ended June 4, 2001 - 108th. Issue

Review
Moroccan Equity Market Review
1Q01- January - March 2001
A CFG Analysis

Key factors
  • Equity market bounces back in 1Q01
  • CFG25 gains 4.7%
  • Equity trading volumes are 26% up compared to Q1-00 with a liquidity ratio of 6.5% against a 6.2% average for the last 4 quarters
  • Net adjusted earnings growth of 13.7% in 2000 and forecasted at +7.3% for 2001
  • Excluding loss-makers the market’ s 2001E P/E was 12.2 at 03/31/01 against 14.4 in Q1-00
  • Risk premium and momentum analysis suggests a market performance ranging between +15% and +20% over the next 9 months
  • Considering the outperformance of large caps, liquid and high-valuation stocks in a bullish market, we recommend overweighing these categories
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Algeria-Crisis
Riots Wane In Some Areas But Continue In Others After Second Presidential Speech

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The North Africa Journal & Maghreb Weekly Monitor are based in Boston, MA, USA. To contact us, we highly recommend you use our email addresses first.

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