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Kuwaiti bourse top man pleased with MSCI promotion

Elevation will boost local financial market

KUWAIT CITY, June 29, (KUNA): Chairman of Boursa Kuwait Company Hamad Al-Homaidhi has described Boursa Kuwait’s promotion to an emerging market by Morgan Stanley Capital International (MSCI) as an outstanding step in the company overhaul process.

This prominent move will strengthen the State status on the global investment map, said Al-Homaidhi, in a statement posted on the bourse website on Saturday. “We are proud that our expansion plans have resulted in enlisting our country among international indices,” he said, noting that the stock market elevation would boost local financial markets, stimulate inflow of foreign enterprise, enhance liquidity and local business environment.

Meanwhile, Mohammad Al-Osaimi, the company acting CEO, said in a statement that the promotion of the Kuwaiti market by MSCI was “the fruit of the effective role undertaken by the company to bolster markets’ efficiency, transparency, increase liquidity and investors’ confidence.”

Work will continue to upgrade the market infrastructure, simplify operations, harmonize market criteria with international top standards, he added.

The bourse had affirmed that it earned the international elevation due to efforts for full development, exerted by Capital Market Authority, Boursa Kuwait and Kuwaiti Clearance Company over the past years. The bourse enlisting as an emerging market will lead to improving the market efficiency, diversifying leading investors, encouraging veteran entrepreneurs to partake in general assemblies, luring foreign investment, swelling liquidity and making the financial market much more attractive, Al- Osaimi elaborated.

Morgan and Stanley Capital International (MSCI) had publicized promoting the Kuwaiti market, in the third such development since December 2018 when the Kuwaiti bourse was elevated by Standard and Poor’s Dow Jones. The bourse declared that the “phases and weights” had been done with respect of FTSE Russel, with the index weight set at 0.94 percent. The forecast index weight in September 2019 is 0.56 percent. Boursa Kuwait Company was established on April 21, 2014.

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