S&P Dow Jones Indices is reclassifying Greece, Qatar and United Arab Emirates as emerging markets as part of its annual reclassification on Sept. 22, said spokesman David Guarino.
Greece will be removed from all S&P Developed BMI indexes and will move to the S&P Emerging BMI series, while Qatar and the UAE will also make the move to the S&P Emerging BMI series for the first time, moved up from frontier market status.
The UAE, Qatar and Greece will represent about 1%, 0.9% and 0.8%, respectively, of the S&P Emerging BMI series.
China will be the largest country in the Emerging BMI series, representing about 24%, followed by Taiwan at 14.1%, Brazil at 11.3% and India at 10%.
The UAE and Qatar will also be part of the S&P Global BMI for the first time, with 30 and 27 constituents, respectively. The UAE will have eight large-cap companies, six midcap companies and 16 small-cap companies. Qatar’s breakdown is 11 large-cap companies, four midcap and 12 small cap.
Greece, which had 35 companies in the previous classification, will now have 39 companies: 11 large-cap companies, 10 midcap and 18 small cap.