NEW YORK: The United Arab Emirates and Qatar failed for a second time this year to secure an upgrade to emerging-market status at MSCI Inc as the Persian Gulf countries struggle to revive equity trading.
MSCI, whose stock indexes are tracked by investors with about US$3 trillion in assets, will maintain the two countries’ frontier status and keep them under review for potential reclassification in June, it said in a statement. The index provider cited investors’ concern over the effectiveness of the countries’ delivery versus payment model, and Qatar’s failure to announce plans to relax its foreign ownership laws.
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