MSCI’s latest review of its benchmark equity indices has prompted significant moves in some of the largest frontier stock markets over the past month. Saudi Arabia’s Tadawul has jumped 8% since MSCI said that the country had been added to its “watch list” for inclusion in its Emerging Market Index. Meanwhile, despite widely-held expectations to the contrary, MSCI decided not to upgrade Argentina’s Merval to EM status. The stock market has subsequently fallen by 5% month-to-date.
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