Kuwait Wins MSCI Upgrade to Emerging Market Starting in 2020 - Bloomberg:
MSCI Inc. will add Kuwait to its main index tracking stocks in emerging markets next year, once some trading mechanisms are improved, in an upgrade that has been priced in by investors anticipating billions of dollars of inflows.
The change is due to happen in June 2020, the New York-based index compiler said in a statement on Tuesday. The Gulf country, whose $98 billion stock market is similar in size to those of New Zealand and Ireland, is currently the biggest member of the MSCI’s main frontier gauge.
The upgrade had been targeted by the local stock exchange and markets regulator as they modernized trading infrastructure to attract local and foreign investors. Kuwait will now have to compete for the attention of money managers that invest in much bigger markets such as China, India, Brazil, Russia and neighboring Saudi Arabia, which joined the MSCI’s EM index earlier this year.
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