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

Kuwaiti traders follow the stock market at the Kuwait Stock Exchange (KSE) in Kuwait City. (AFP)
Updated 06 December 2018
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Kuwait to be added to S&P DJI Global Benchmark Indices with EM classification

  • Kuwait is one of the standout performers in Gulf markets this year
  • S&P DJI said it recognized the progress Kuwait had made in trade clearing and settlement

DUBAI: Kuwait’s stock market will be added to S&P Dow Jones Indices’ Global Benchmark Indices with an emerging market classification, said Kuwait’s market regulator, 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 recognized 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.
It said the move would be effective before the market opens on Sept. 23, 2019.
Boursa Kuwait, which took control of the Kuwait stock exchange in early 2016, introduced a number of reforms such as relaxing listing rules, delisting companies seen as unfit for public investment and segmenting the market with different disclosure requirements.
Index provider FTSE Russell will include 12 Kuwaiti stocks in two phases — September and December 2018 — which will result in a weighting of just over 0.5 percent in its FTSE Emerging All Cap index.


Samsung delays Galaxy Fold media events in China

Updated 22 April 2019
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Samsung delays Galaxy Fold media events in China

  • Instead of plaudits ahead of the phone’s launch on April 26 in the US, Samsung has instead received brickbats
  • The hashtag #foldgate trended on Twitter because of the smartphone issues

SEOUL: Smartphone maker Samsung postponed media events for its Galaxy Fold planned for this week in Hong Kong and Shanghai, a company official said, days after reviewers of the foldable handset reported defective samples.
The official did not elaborate on reasons or rescheduling.
Instead of plaudits ahead of the phone’s launch on April 26 in the United States, the South Korean conglomerate has been blighted by technology journalists reporting breaks, bulges and blinking screens after using their samples for as little as a day.
Samsung said it received “a few” reports of damage to the displays of samples of the $1,980 handset, raising the specter of the combustible Galaxy Note 7 three years ago which the firm ultimately pulled from shelves at massive cost.
The reviewers’ reports of broken screens went viral online and prompted the creation of hashtag #foldgate on Twitter.
Samsung has hailed the folding design as the future in a field that has seen few surprises since Apple’s iPhone in 2007. Chinese rival Huawei Technologies has also announced a folding handset, the Mate X.
The Samsung official on Monday said it had no change to its previously announced release date in the United States.
It plans to begin South Korean and European sales in May, and Chinese sales from an undisclosed date.