Kuwait Bourse… Achievements in line with Vision 2035, future state

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KUWAIT CITY, Dec 27, (KUNA): Boursa Kuwait’s achievements in 2018 were numerous and in line with the State Vision 2035 mainly focusing on turning the country into a regional and possibly global center for commerce and finance.

The bourse embarked this year on a path, which prioritized international standards of operations aimed at attracting foreign capitals and investments. One of the chief highlights was the Standard and Poor’s (S&P) rating, which affirmed Kuwait’s (AA/A-1+) long and short-term foreign and local currency sovereign credit ratings, with stable economic outlook.

Boursa Kuwait was also upgraded to an “emerging” market, starting from September 23, 2019, according to the Financial Times Stock Exchange (FTSE) Russell and S&P’s indices. Also amongst the achievements was the Morgan Stanley Capital International (MSCI) intention to include the Kuwait Index in its 2019 Annual Market Classification Review for a potential reclassification from Frontier Markets to Emerging Markets status.
Locally, the Boursa Kuwait had reclassified its indices to include three major indices: the Main Market Index, the Premier Index, and the All Share Index to emulate the stock exchange process at global markets.

The new classification aims at bolstering transparency as well as increasing liquidity and the number of shares traded. Boursa Kuwait also launched the Over the Counter Market (OTC) back in November. The fresh market aims to create a transparent environment by bringing buyers and sellers together using fully supervised mechanisms.

By Mohammad Kamal

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