MSCI to enter Kuwait stocks into Emerging Market index in November

The step will coincide with the November 2020 semi-annual index review

  
A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

A Kuwaiti trader is seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019.

REUTERS/Stephanie McGehee

Morgan Stanley Capital International (MSCI) will implement the reclassification of the MSCI Kuwait Indexes from frontier market status to Emerging Market in November 2020.

The step will coincide with the November 2020 semi-annual index review, Kuwait Capital Market Authority said in a tweet.

On April 9, CMA said though Kuwait has met the requirements of the reclassification, the MSCI put off the move until November due to the massive fallout of COVID-19 on global economy and investment patterns.

The health precautions and preventive measures implemented by countries and companies around the globe to stem the tide of the pandemic hindered the operational ability of investors and hampered their accessibility to the firms listed on Kuwait stock market in last May, CMA noted.

The process to reclassify Boursa Kuwait to emerging market started in September 2017, when Kuwait joined the Emerging Markets Index of FTSE Russel.

(Writing by Seban Scaria, editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

#MSCI #KUWAIT #MARKET

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© ZAWYA 2020

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