LONDON: S&P Dow Jones will move Greek stocks into its emerging indexes on September 22, while formally removing Qatar and the UAE from frontier indexes and upgrading them to emerging markets, the company said yesterday.
S&P’s decision to re-classify the three countries as emerging markets was announced last October following a consultation with clients and comes after similar moves by rival index provider MSCI. “This year’s major changes to the S&P Global BMI indices are the reclassification of Greece to Emerging status from Developed status, as well as the reclassification of Qatar and UAE from Frontier status to Emerging status,” S&P said in a statement.
MSCI moved Greece to emerging markets last November. It also re-classified Qatar and the UAE as emerging markets at the end of May this year. S&P said Greece and Qatar would carry weights of 0.8 and 0.9 percent of the S&P emerging markets BMI index while the UAE would have 1 percent. Reuters
