Kuwait Index upgrade soon

This news has been read 13433 times!

MSCI reps meet Boursa Kuwait during local tour

KUWAIT CITY, July 11, (KUNA): Boursa Kuwait management met on Wednesday with MSCI representatives during their visit to Kuwait to engage with several key entities. The meeting took place after MSCI’s recent announcement to include the MSCI Kuwait Index in its 2019 Annual Market Classification Review for a potential reclassification from Frontier Markets to Emerging Markets status.

Organized by Boursa Kuwait, MSCI’s visit aims at discussing the potential reclassification with the Public Institution for Social Security (PIFSS), the Central Bank of Kuwait, Kuwait Investment Authority, Capital Markets Authority and Kuwait Clearing Company.

During the meeting with Boursa Kuwait, MSCI officials Henry Fernandez, MSCI Chairman and CEO; and Robert Ansari, MSCI Executive Director-Head of the Middle East met with Khaled AbdulRazzaq Al Khaled, Boursa Kuwait CEO, to discuss the proposed reclassification, which would be reflected in all relevant global and regional composite indexes.

MSCI’s Chairman and CEO Henry Fernandez said “we are pleased to announce the addition of MSCI Kuwait to the watch list for potential reclassification to MSCI Emerging Markets. International institutional investors have continued to share positive feedback with MSCI on the reforms and evolution of the Kuwaiti capital markets framework”. He added that “adding MSCI Kuwait to the watchlist sets MSCI on a path to solicit detailed feedback over the course of next year and we look forward to forging strong ties with Kuwait as we share investor feedback on the country’s ambitious program”.

Commenting on the visit, Boursa Kuwait CEO Khaled AbdulRazzaq Al-Khaled said “It was great meeting MSCI representative post the announcement unveiled earlier in June. Meetings were fruitful and we look forward to next steps when MSCI consults market participants on the proposed reclassification of the MSCI Kuwait Index.”

“The inclusion in the watch list shows that we have successfully raised the standards of the Kuwaiti capital market and gained stakeholders’ trust in our rules and regulations. With a progressive legal and regulatory framework governing our market today as well as a solid level of transparency, I am proud to say that we are up to par with some of the most reputable and advanced stock exchanges in the region. We have also continuously improved the local market infrastructure, including the clearing and settlement system, and created a level playing field for international investors,” added Al-Khaled.

MSCI will announce its decision in June 2019 for potential implementation with the May 2020 Semi-Annual Index Review. The simulated MSCI Kuwait index would have a potential weight of 0.3% in the MSCI Emerging markets index. MSCI is one of the world’s top providers of research-driven insights and tools for institutional investors. The reclassification from frontier to emerging markets is a major achievement for any country which typically brings with it large capital infl ows from international investors.

This news has been read 13433 times!

Related Articles

Back to top button

Advt Blocker Detected

Kindly disable the Ad blocker

Verified by MonsterInsights