Thursday, 28 September , 2017     |     1033      |      +      |     

Kuwait’s Stock Exchange CEO Confident of FTSE Addition This Week

Kuwait’s Stock Exchange CEO Confident of FTSE Addition This Week :
  • Kuwait News

Kuwait’s stock exchange has met all the requirements necessary for the country to be added to the emerging markets list compiled by index provider FTSE Russell later this week, according to its chief executive officer.

Kuwait is in line to join Gulf neighbors including Saudi Arabia and the United Arab Emirates in an inclusion that could boost inflows into its equity market by millions of dollars.

FTSE Russell is expected to announce its country classification annual review on Friday after markets close in the U.S.

The addition would take Kuwaiti stocks from an unclassified status to one of a secondary emerging market.

“We are optimistic,” Khaled AbdulRazzaq AlKhaled, CEO of Boursa Kuwait, said in an interview in Kuwait City on Tuesday. “I think we have covered the FTSE requirements, all of them. Based on my info, the decision makers are happy with what we have achieved.”

If Kuwait joins the FTSE’s emerging markets list as expected, a similar addition by MSCI Inc. could happen “in the next one or two years,” he said.

Kuwait’s main equity index has rallied 18 percent this year, the best performance among major Gulf markets, helped by speculation it will join the FTSE list. The inclusion could attract about $822 million in flows from passive funds tracking the index, according to calculations by the research arm of investment bank EFG-Hermes Holding. The country’s equities may represent around 0.5 percent of the index, according to strategist Mohamad Al Hajj.

As part of a broad initiative to improve liquidity in stock trading, the bourse is planning to introduce central counter-party settlement by the end of next year, AlKhaled said. Derivative products should follow, he added.

Kuwait Today Business Subscription

Category: #Kuwait News | 2017/09/28 latest update at 10:00 PM
Source : | Photocredit :
Comments Add comment

Latest Comments

  LinkedIn Gulf Media

Sponsored Publications

Related Articles

The editorial staff of Kuwait Media would like to give all of its readers from Gulf and Kuwait and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Kuwait Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Kuwait, the Gulf and the world.

Latest searches in Kuwait Today