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Upgrading Boursa Kuwait to 'emerging' market status historic achievement - CMA

Upgrading Boursa Kuwait to 'emerging' market status historic achievement - CMA
KUWAIT, Dec 9 (KUNA) -- The Board of Commissioners of the Capital Markets Authority (CMA) said that the upgrade of Boursa Kuwait to an 'emerging' market status is a historic achievement.
The advancement of Kuwait's bourse on the Financial Times Stock Exchange (FTSE) Russell and Standard and Poor's indices will attract more foreign investment in the monetary field, said CMA's board chairman Ahmad Al-Melhem in an interview with Ar Rai newspaper on Sunday.
He added that CMA's cooperation with Boursa Kuwait and Kuwait Clearing Company to develop the market is moving in the right direction.
Meanwhile, Al-Melhem noted that CMA aims to regulate the monetary performance through transparency and competitiveness, as well as creating management stability.
He also spoke of details on the privatization of Kuwait's bourse and guarantees agreed upon by international operators and local companies on future stability measures in the field. The guarantees include, among others, the prohibition of selling or transferring the ownership of major shareholders.
The current situation in Kuwait's bourse does not require re-evaluation of the pricing systems, the chairman said. Speaking on companies stepping out of the bourse, he noted that the move is taken with the approval of the company's shareholders and CMA cannot refuse or stop the process.
As for launching new stock markets, following the privatization of Boursa Kuwait, Al-Melhem said that article 7/2010 allowed providing permits for other bourses. (end) mka.msa.ag