Kuwait stocks shine in the third quarter as market reforms pay off | Reuters:
Inclusion in an emerging market benchmark and surging oil prices have helped Kuwaiti stocks outshine their regional peers in the past three months, but some major active emerging-market investors are waiting on the sidelines for more reforms.
Kuwait’s main index is up nearly 9 percent in the third quarter, beating other Gulf markets, including oil producers Saudi Arabia and Abu Dhabi, and edging past Qatar, the MSCI emerging market index and Russia.
More good news could be in store. Next year, U.S. index provider MSCI will decide whether to reclassify its Kuwait index from the current frontier-market status to its widely used emerging-market benchmark. Analysts estimate such a move could trigger passive fund flows of $2 billion.
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