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|20 September, 2018

Kuwaiti economists upbeat after bourse first phase of FTSE enlisting

Liquidity is forecast to swell at Boursa Kuwait after completion of the first phase of enlisting in the FTSE

Main Entrance of Kuwait Stocks Exchange

Main Entrance of Kuwait Stocks Exchange

Getty Images/Pankaj & Insy Shah

KUWAIT - Liquidity is forecast to swell at Boursa Kuwait after completion of the first phase of enlisting in the FTSE Russel Index for emerging markets, according to Kuwaiti economists.

Interviewed by KUNA, they projected record hike of the key indices reflecting the cash value and stocks' volume as well as number of transactions.

Salah Al-Sultan, advisor at Arzaq Capital Company, indicated at hefty purchase orders targeting selected stocks in today's session, where value of exchanged liquidity soared to KD 167.2 million (USD 581.46 million).

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Today's positive atmosphere at the bourse resulted from efforts of the management and the Capital Markets Authority for placing the market at the level of regional ones and eventually at international level.

Indexes in the first market explicitly mirrored confidence on part of companies nominated to join the FTSE index.

Muhannad Al-Sanea, Chairman of Al-Muwazi consultancy Co., also drew a positive picture as to prospected investments, projecting significant liquidity growth.

Mohammad Al-Naqi, Chairman of Kuwait Industries Company Holding, concurred that the bourse management is credited for the market revival.

Suleiman Al-Wugayan, board member Al-Sorouh Co., said the market posted in today's session "historic liquidity" after completion of the first phase of enlisting in the FTSE index.

Mentioning other factors, he alluded to oil prices' rise and investors' shift from the real-estate sector to the stock markets.

FTSE declared in March that the Kuwaiti bourse would joint its index for emerging markets in two phases in September and December.

Kuwait Bourse Company, established on April 21, 2014, is totally owned by the Capital Markets Authority, which is responsible for supervising financial markets in Kuwait.

All KUNA right are reserved © 2018. Provided by SyndiGate Media Inc. (Syndigate.info).

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