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Ahmed Jadallah | Reuters An Aramco employee walks near an oil tank at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia.
Index provider MSCI said on Wednesday it will reclassify Argentina as an emerging market and start including Saudi Arabia in that classification, sharply broadening the investor base for both countries in a move that could be supportive of their local equities.
The inclusion comes amid high anticipation over the market listing of Aramco, the state-controlled Saudi energy giant, which could be the largest publicly-traded company globally.
The reclassification also comes just hours after the International Monetary Fund approved a $50 billion financing deal for Argentina, as the South American country seeks to stabilize its currency.
MSCI said it will include the MSCI Kuwait Index in its classification review next year for a potential move from Frontier Markets to Emerging Markets.