- Al-Abd Al-Karim: “The stock exchange aims to create diversified and profitable opportunities by facilitating the communication of its exporter base with capital.
In preparation for Kuwait’s accession to the MSCI Emerging Markets Index, Boursa Kuwait has taken a series of permanent and temporary measures, in cooperation with the Kuwait Clearing Company, as these temporary measures will be applied only on the date of joining scheduled for late November, while other measures will be of a permanent nature and will represent Part of the trading mechanism from now on.
The Stock Exchange stated in a press release that, starting today (Sunday), Boursa Kuwait and the Kuwait Clearing Company will implement permanent changes to the trading mechanism by activating allocation accounts, which is a mechanism dedicated to large asset managers to collect clients’ orders, and then settle deals and distribute them to clients. At the end of the trading session.
It is expected that the accession date will be at the end of this month, and in the session in which the joining will take place, there will be an extension of the closing auction and the trading session on the closing price, as the closing auction will continue for 40 minutes, followed by a 30-minute break before the start of the trading session on the closing price. For another 40 minutes.
It is worth noting that the buy and sell orders will be associated with an indefinite time for the last two minutes of the closing auction session. In addition, orders will be allowed to be modified and canceled throughout the closing auction session, and there will be an extension for the period of refusing the custodian’s commitment on the day of joining the MSCI index.
The best standards
Commenting on these measures, Head of the Markets Sector at Boursa Kuwait, Noura Al-Abdulkarim, said: “In line with our continuous commitment to developing the Kuwaiti capital market with the best international standards and practices, the Kuwait Stock Exchange has worked with the Capital Markets Authority and the Kuwait Clearing Company and its partners locally and around the world to ensure that the process of joining the index MSCI Emerging Markets will run smoothly for all market participants.
She added: “After the Bourse conducted careful deliberations and continuous consultations with the concerned parties and market participants, and accordingly, the Kuwait Stock Exchange took measures that include the extension of the closing auction and the trading session on the closing price, which would raise the efficiency, attractiveness and performance of the market for local and international investors, thus confirming its commitment to strengthening Its reputation for creating diversified and yielding investment opportunities by facilitating access to its source base with capital and investors.
Finally, I would like to thank both the CMA and the Kuwait Clearing Company for their continuous support, without which we would not have achieved these successes.
Guarantee success
Duaij Raad Al-Saleh, Executive Vice President of the Information Technology Sector, in charge of the procedures, said: “The Kuwait Clearing Company is working with the Kuwait Stock Exchange, the Capital Markets Authority, MSCI and our partners in the international investment community to ensure the success of the joining. The introduction of allotment accounts is part of the series of procedures that the company will present in preparation. For this join.
We will also continue to work with our partners to improve the trading mechanism, both for listings and for the benefit of the Kuwaiti capital market in the future.
As a result of the comprehensive efforts to develop the market by the Kuwait Stock Exchange, the Capital Markets Authority and the Kuwait Clearing Company, MSCI promoted Kuwait to an emerging market in December 2019. This comes after Kuwait joined the S&P DJI Global Equity Index in the emerging markets classification in December 2018. FTSE Russell Emerging Market Index in September 2017.
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