CMA says seeks to upgrade KSE rating

The Capital Markets Authority (CMA) said Tuesday it sought to upgrade the rating of Kuwait Stock Exchange to be compliant with international standards.

CMA, in its fifth report about performance of fiscal year 2015-16, said last year was a starting point towards the development of the money market, protection of traders, promotion of transparency and integrity as well as applying internationallyl-compliant legislations.

Dr. Nayef Al-Hajraf, Chairman of CMA Board of Commissioners, said in a statement said CMA has amended Law VII of 2010 which paved way for the exemption of taxes levied on profits of stocks and bonds thus encouraging investment in shares.

CMA, he added, issued its executive bylaw to be a cornor stone for a fully-integrated stocks’ structure, which would pave way for creating lucrative investment environment.

Al-Hajraf said CMA aimed at attracting foreign investment and creating sophisticated means of financial tools like bonds. (KUNA)