Taiwan and South Korea have been removed from consideration for inclusion in the MSCI developed-market index.
MSCI announced the decision in a statement on Tuesday. It said both markets have not seen any “significant improvements” in foreign investors’ access to their financial markets and currency exchanges in recent years.
South Korea and Taiwan were put under review for developed-market status in 2008 and 2009, respectively. The decision by MSCI means that the upgrade will not be discussed within a year, and that both countries will remain in their status as emerging countries.
The Taiwanese stock market was not affected by the MSCI decision. The market performed in line with other Asian indexes after the benchmark index hit a six-year high on Tuesday.