KUWAIT, April 9 (KUNA) -- Kuwait Capital Market Authority announced on Thursday that Morgan Stanely had delayed enlisting shares of the Kuwaiti companies in its benchmark (MSCI) for emerging markets from May 2020 to November this year.
The CMA said in a statement that Morgan Stanley had clarified that the decision to delay the inclusion was taken due to grave repercussions of the coronavirus spread, affecting capacities of major investors.
The agency has re-affirmed the State of Kuwait eligibility for promotion under the MSCI benchmark, the CMA said, adding that precautionary measures taken by many states, companies and key investors throughout the world to stem the virus limited operation capacity of the parties involved in entry of the Kuwaiti companies in the indices in May 2020.
The CMA statement added that the MSCI indicated that the involved parties noticed effect of these precautions on speed of opening accounts that guarantee entry of all the key investors ahead of execution in May 2020.
Moreover, due to the current hard and complex conditions prevailing across th world, there must be ample preparation for this event.
Morgan Stanley earlier today decided to delay the enlisting of Boursa Kuwait in its key index on emerging markets to the bi-annual review in November instead of May. (end) ak.rk