Mubasher: Kuwait and Middle East Financial Investment (KMEFIC) has received a six-month market maker licence from the Capital Markets Authority (CMA).

The licence will be valid for a renewable three-year term, according to a statement released on Wednesday by the CMA.

As a market maker, KMEFIC must ink a deal with Boursa Kuwait Securities Company and specify the stocks which will be a market maker for them. 

Boursa Kuwait previously offered the market maker services in a bid to develop the market, boost liquidity, and streamline the market’s institutional performance.

In the second quarter of 2019, KMEFIC’s profits jumped 54% to KWD 462,700 from KWD 300,160 in the year-ago period.