KUWAIT: Boursa Kuwait Company today begins second phase of overhauling the national stock market as part of an ongoing development strategy. The development process coincides with a declaration by the Financial Times Stock Exchange (FTSE) Russel that promoting the Kuwaiti bourse, to be enlisted among Russel’s international stocks, would be in two segments.

The team in charge of upgrading services and the bourse products, which groups the Capital Market Authority, the bourse company and Kuwait Clearing Company, had declared that the market, in the development process, would be divided into three ones-the first, the main and the auctions. The first segment will be promoted within the FTSE index for international stocks, in tandem with the by-annual review of this index, due on September 24. The enlisting of the second segment will coincide with the index quarterly review.

First phase included a strategy “roadmap,” drawn up between December 2014 and March 2015. The Kuwaiti bourse company is aspiring to develop the national financial markets and enhance them to regional levels. Boursa Kuwait Company, owned by the Capital Market Authority, was established on April 21, 2014, signaling first step toward privatizing the stock market, established in 1983. Transitional phase began on April 25, 2016, when Boursa Kuwait Company officially took charge of the operations at the bourse.

Kuwaiti banking sector

In another development, Board Chairman of the Commercial Bank of Kuwait (CBK) Ali Al-Mousa affirmed yesterday the Kuwaiti banking sector’s ability to cope with future demands. The banking sector is also able to take advantage of latest technological developments, Al-Mousa said, adding such developments pave the way toward newer prospects. The CBK chief made his remarks to reporters on the sidelines of the bank’s general assembly meeting in Kuwait City. The banking industry is currently facing essential changes on a global level whether in its tools or services, said Al-Mousa.

Most local banks, including CBK, have updated their operational systems, he said, adding most state institutions in Kuwait have also adopted such a step.  Kuwait is one of the proactive countries in the region to keep up with industrialized countries around the world, particularly in adopting new technologies, said Al-Mousa.  It is only a matter of time until the banking industry in Kuwait witnesses a total transformation in operation tools and customer services, affirmed the CBK head. Meanwhile, Al-Mouse mentioned that CBK’s net profits in 2017 reached KD 55.4 million ($183 million), with a 10 percent increase compared to 2016.- Agencies