November 7, 2013 / 11:11 PM / in 4 years

UPDATE 1-MSCI reclassifies stocks in emerging, frontier market indexes

By Daniel Bases

NEW YORK, Nov 7 (Reuters) - Equity index provider MSCI on Thursday reclassified equities across a broad spectrum of emerging, developed and frontier markets as part of its November semiannual index review.

The changes will be made effective as of the close of business on Nov. 26, MSCI said in a statement.

Following the downgrade of European Union member Greece to emerging market status in June, three banks were added to the MSCI Emerging Markets Index. They include the National Bank of Greece, Bank of Piraeus and Alpha Bank.

Also in June, Morocco was downgraded to frontier market status. As a result, three Moroccan companies were added to the MSCI Frontier Markets index. Those companies are Maroc Telecom , Attijariwafa Bank and BMCE, a bank based in Casablanca.

The three largest additions to the MSCI U.S. Large Cap Index 300 are specialty pharmaceutical company Actavis ; electric motor vehicle maker Tesla Motors ; and Delta Air Lines.

MSCI’s All Country World Index will see the addition of media company RTL Group ; human resources software management systems Workday ; and biopharmaceutical company Pharmacyclics.

Approximately $7.5 trillion in assets are benchmarked against MSCI indices.

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