The Qatar Exchange (QE) yesterday said an MSCI upgrade would not have made much of an impact on the underlying economic strength of the county. But the bourse said it is working with regulators and other stakeholders to improve the market infrastructure.
Financial experts find a ray of hope as they feel the main issue of foreign ownership will be sorted out to the best interests of the country and its corporate sector, especially in view of the renewed buoyancy in the domestic economy.
“A future upgrade to emerging market status will confirm the progress on the market infrastructure front, but does not impact the underlying economic strength of Qatar,” a spokesman for the Qatari bourse, in which NYSE Euronext holds a 20% stake, said in response to MSCI’s decision to extend the review period for potential reclassification.
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