Thursday, May 17, 2012
(This story was originally published Wednesday)
DUBAI (Zawya Dow Jones)--MSCI Inc. (MSCI) has added several Persian Gulf stocks including U.A.E.-based Arabtec Holding to its frontier markets gauge in its semi-annual review for the compiler's equity indices.
The other large additions to the Frontier Markets Index are Oman Cement Co. and Oman International Bank, MSCI said in a statement Wednesday.
It added there will be four additions and twelve deletions from the frontier markets index, but MSCI didn't reveal the other names in the statement.
Many foreign investors and fund managers closely track these indices as benchmarks for their investment strategies.
MSCI is also reviewing the U.A.E. and Qatar for a possible upgrade to emerging market status, from frontier, after postponing its decision twice last year, saying at the time it needed more time to study whether both countries merit promotion.
Investors in both Arab Gulf stock markets are looking for an MSCI upgrade in hopes it will trigger increased foreign fund inflows and revitalize their markets.
-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
17-05-12 0330GMT
