S&P echoes MSCI with index revamp

GreeceS&P Dow Jones Indices will reclassify Greece from a developed to an emerging market and promote the UAE and Qatar from frontier to emerging markets on September 22.

The index maker's decision is based on deterioration in the Greek stock market following the eurozone debt crisis, and by improvements in liquidity and operations on the UAE and Qatar exchanges.

The move echoes the reclassification made by rival index provider MSCI, which made the same changes to Greece, Qatar and the UAE's positions in its own index review, implemented in June.

After the reconstitution, the UAE will account for 1% of the S&P Emerging Broad Market Index, Qatar will account for 0.9% and Greece for 0.8%.

The largest countries in the index are China, 24%, followed by Taiwan, 14%, and Brazil, 11%.

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