Kuwait's Minister of Finance Anas Al-Saleh revealed that there is unprecedented coordination among relevant authorities with aim of finding comprehensive solutions to conditions of the Kuwait Stock Exchange (KSE).
The intended coordination aimed at bourse reform, added Al-Saleh
We work on speeding up the amendments of the Capital Market Authority (CMA) law and submitting them to the National Assembly (Parliament) for endorsement by next January, said Al-Saleh in an interview with CNBC television channel.
Al-Saleh noted that the planed legislative measures involve market mechanisms, procedures of control companies and activating role of the market maker. There are also planned procedural measures undertaken by CMA like; adding new investment tools and revision of some steps that had been taken in the past.
As for the national portfolio, Al-Saleh said "It was established in 2009 with aim of balancing the market, and is currently intensifying its action in the bourse according to its objectives."
The national portfolio has been investing in 40 stocks representing up to 75% of the total market value, he added.
The market reform isn't restricted to amending the capital market law or activating the national portfolio role, as there is a package of measures that could be adopted, such as the government abidance by implementing all projects envisaged in the new development plan that would submit to the National Assembly soon, he affirmed.
Regarding Public Investment Authority's disengagement from some companies, he said "the authority has not determined mechanisms of such disassociation," adding that such a move would be subject to the market conditions.
Moreover, He added that such a move had been taken in the past, noting that some of these companies turned global.
Al-Saleh stressed that, the PIA does not desire to withdraw from the market but wants to turn from a direct investor into an indirect one, since it is believed that there are promising investment opportunities in the Kuwaiti market.
The intended coordination aimed at bourse reform, added Al-Saleh
We work on speeding up the amendments of the Capital Market Authority (CMA) law and submitting them to the National Assembly (Parliament) for endorsement by next January, said Al-Saleh in an interview with CNBC television channel.
Al-Saleh noted that the planed legislative measures involve market mechanisms, procedures of control companies and activating role of the market maker. There are also planned procedural measures undertaken by CMA like; adding new investment tools and revision of some steps that had been taken in the past.
As for the national portfolio, Al-Saleh said "It was established in 2009 with aim of balancing the market, and is currently intensifying its action in the bourse according to its objectives."
The national portfolio has been investing in 40 stocks representing up to 75% of the total market value, he added.
The market reform isn't restricted to amending the capital market law or activating the national portfolio role, as there is a package of measures that could be adopted, such as the government abidance by implementing all projects envisaged in the new development plan that would submit to the National Assembly soon, he affirmed.
Regarding Public Investment Authority's disengagement from some companies, he said "the authority has not determined mechanisms of such disassociation," adding that such a move would be subject to the market conditions.
Moreover, He added that such a move had been taken in the past, noting that some of these companies turned global.
Al-Saleh stressed that, the PIA does not desire to withdraw from the market but wants to turn from a direct investor into an indirect one, since it is believed that there are promising investment opportunities in the Kuwaiti market.
Source:
Mubasher
