#Kuwait to be added to S&P DJI Global Benchmark Indices with EM classification | Reuters

Kuwait to be added to S&P DJI Global Benchmark Indices with EM classification | Reuters:

Kuwait’s stock market will be added to S&P Dow Jones Indices’ Global Benchmark Indices with an emerging market classification, Kuwait’s market regulator said on Thursday, citing the index provider.

It is the latest piece of good news for Kuwait, one of the standout performers in Gulf markets this year, and comes ahead of MSCI’s decision next year on whether to reclassify its Kuwait index from the current frontier-market status to its widely used emerging-market benchmark.

In a statement, cited by the Capital Markets Authority, S&P DJI said it recognised the progress Kuwait had made in trade clearing and settlement, including changing to a T+3 settlement cycle, meaning trades are settled within three days of execution, and establishing a delivery versus payment system.