LONDON, Sept 15 (Reuters) - S&P Dow Jones will move Greek stocks into its emerging indexes on Sept. 22 while formally removing Qatar and the UAE from frontier indexes and upgrading them to emerging markets, the company said on Monday.
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 from its developed indexes last November. It also re-classified Qatar and the United Arab Emirates 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 1.0 percent. That compares with a 24 percent weight for China and 11.3 percent for Brazil, the company added.
Reporting by Sujata Rao; Editing by Tom Heneghan