March 28, 2018 / 10:23 PM / a year ago

FTSE to upgrade Kuwait to emerging market in two stages

DUBAI, March 28 (Reuters) - Kuwait’s stock market will enter FTSE Russell’s emerging market index in two equal stages in September and December this year, and 10 Kuwaiti stocks currently look likely to join the benchmark, the company said on Wednesday.

FTSE announced in September that it planned to classify Kuwait as an emerging market; it released details of the transition on Wednesday.

Kuwaiti stocks entering the index will be given 50 percent of their weightings in September and the remaining 50 percent in December. FTSE projected that Kuwait would have a total 0.4 percent weighting in the index.

It published an indicative list of the 10 stocks that would join the index based on data at the end of the last year, ranging from National Bank of Kuwait to small caps such as Alimtiaz Investment Group. It will publish a confirmed list of stocks on Aug. 24.

Also on Wednesday, FTSE announced that it would include Saudi Arabia in its emerging market index starting March 2019. (Reporting by Andrew Torchia; Editing by Cynthia Osterman)

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