Kuwait Stock Exchange is to launch next week a new trading system and a new index for the most capitalised firms, KSE director general Faleh al-Raqaba said on Wednesday.
The new X-stream system, installed by Nasdaq OMX, involved the supply of new technology and will help improve transparency, market data and surveillance, Raqaba said.
The system will be launched on Sunday along with a new index for the largest 15 firms in terms of market value and the value of circulated liquidity. The Kuwait-15 Index will start from 1,000 points, he said.
Eight of Kuwait’s nine commercial banks are among the 15 companies comprising the new index which is estimated to be worth two-thirds of the market capitalization of $105 billion.
Market leader National Bank of Kuwait, telecom giant Zain and Kuwait Finance House, the leading Islamic bank, are part of the new index which will be reviewed every six months.
The two existing price and value weighted indices will continue operating as normal, Raqaba said.
The 220 firms listed on KSE will also be reorganized into 15 new sectors and the bourse will accordingly launch a new website, the official said.
KSE, the oldest stock market in the Gulf, is the third largest in terms of capitalization in the Arab world after Saudi Arabia and Qatar.