Israel Moving from Emerging to Developed Market?

MSCI Barra, a major player in rating foreign investments, is speculated to announce today that Israel is moving from “emerging market” to “developed market” for investment grading purposes.

This means emerging market mutual funds would be required to sell any Israeli stocks. However, funds for international developed market stocks would be allowed to buy Israeli companies such as Teva Pharmaceuticals, ICL-Israel Chemicals, and Check Point Software Technologies. (Wall Street Journal)

Israel would be ranked similarly to Denmark and Belgium on the 24 nation list. It would rank ahead of Portugal, Ireland, Greece, New Zealand and Norway.