Boursa Kuwait is introducing changes to some of its trading mechanisms from Sunday in preparation for some of the market's biggest shares being included in the MSCI Emerging Markets Index.
Boursa Kuwait and the Kuwait Clearing Company said new measures included the introduction of Allocation Consolidation Module accounts, which are ways for managers of large assets to aggregate orders made when settling trades at the end of a session. Some specific measures are being taken during the inclusion of the biggest shares, with a closing auction and a Trade At Last session being extended.
"The new measures will further enhance the efficiency, appeal and performance of the market to attract investments from local and international investors and is a testament to Boursa Kuwait’s commitment to bolster our reputation for providing issuers with efficient access to capital and investors with diverse return opportunities," said Noura Al-Abdulkareem, head of markets at Boursa Kuwait.
MSCI's Emerging Markets Index is passively tracked by exchange-traded funds containing billions of dollars. As of September 30, the index was made up of 1,392 constituents from 26 emerging markets, covering about 85 per cent of the free-floating market capitalisation of these markets.
Kuwait's ascent to emerging markets status by MSCI follows earlier upgrades of UAE and Qatar stock markets in 2014 and Saudi Arabia in 2019.
Kuwait currently accounts for the biggest share of MSCI's more junior Frontier Market, with a weight of 26.29 per cent of the entire index, according to a research note issued by Kamco Research on Thursday evening. As a result, the upgrade is taking place gradually, in five phases starting from this month and concluding in November 2021.
Kamco Research estimates that about $2.9bn in passive funds tracking the index will flow into the shares of the seven biggest Boursa Kuwait stocks that are being included in the index – National Bank of Kuwait, Kuwait Finance House, Zain, Agility, Boubyan Bank, developer Mabanee and Gulf Bank of Kuwait. However, it said that "the bulk of the funds have already been placed in the upgraded stocks" by active foreign investors who have taken positions since the decision to upgrade was announced last year.
Boursa Kuwait has already been upgraded to emerging market status by two other major index providers. It joined S&P Dow Jones Global Equity Indices as an emerging market in December 2018 and was added to FTSE Russell's Emerging Markets Index in September 2017.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
BUNDESLIGA FIXTURES
Friday (All UAE kick-off times)
Borussia Dortmund v Eintracht Frankfurt (11.30pm)
Saturday
Union Berlin v Bayer Leverkusen (6.30pm)
FA Augsburg v SC Freiburg (6.30pm)
RB Leipzig v Werder Bremen (6.30pm)
SC Paderborn v Hertha Berlin (6.30pm)
Hoffenheim v Wolfsburg (6.30pm)
Fortuna Dusseldorf v Borussia Monchengladbach (9.30pm)
Sunday
Cologne v Bayern Munich (6.30pm)
Mainz v FC Schalke (9pm)
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
Arabian Gulf League fixtures:
Friday:
- Emirates v Hatta, 5.15pm
- Al Wahda v Al Dhafra, 5.25pm
- Al Ain v Shabab Al Ahli Dubai, 8.15pm
Saturday:
- Dibba v Ajman, 5.15pm
- Sharjah v Al Wasl, 5.20pm
- Al Jazira v Al Nasr, 8.15pm
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
