MSCI 선진지수, 한국시장 코스피(Kospi) 편입 불발 _10.06.22

'MSCI Barra' 사(社)가 선정, 발표하는 'MSCI'(모건스탠리캐피탈인터내셔널) 선진지수에 한국시장 편입이 불발되었다.

2010년 6월 22일 새벽 6시 'MSCIbarra.com' 홈페이지에 개재된 2010년 '연차 시장 분류 리뷰'를 보면, 한국시장(Korea Market)은 여전히 이머징 마켓(Emerging Market)으로 남게 되었다. 대만(Taiwan) 역시 마찬가지다.

따라서 한국시장의 MSCI 선진지수(Developed Market) 편입은 다음 기회를 기약하게 되었다. 물론 MSCI는 '선진지수' 편입 '리뷰 리스트'(review list)에 올라있는 한국시장의 지위를 계속 유지한다고 밝혔다.

아래는 이번 MSCI 연례 보고서에 나타난 한국 관련 부분이다.

MSCI 선진국 지수 편입이 현재 시장의 본질적 이슈이거나 시급한 과제가 아니기 때문에, 국내외 증시에는 별 영향력이 없을 것으로 보인다.

이와 상관없이 2010년 하반기 국내증시 코스피(Kospi) 전망은 상승 여력이 충분할 만큼 밝다고 이미 살펴본 바 있다.

MSCI 보고서는 한국시장(Korea Market)의 전망은 밝으나, 여전히 반경쟁적 관행이 잔존하고 있고, 시장 데이터(Market Data) 제공과 관련하여 계약상 반경쟁적인 조항(contractual anti-competitive clauses)에 종속되어 있다고 지적하고 있다. 

MSCI Announces the Results of the 2010 Annual Market Classification Review

Geneva - June 21, 2010 - MSCI Inc. (NYSE: MXB), a leading provider of investment decision support tools
worldwide, announced today that there will be no changes in market classification as part of the 2010 Annual Market
Classification Review. All countries that were considered for potential reclassification will remain under review for the
2011 Annual Market Classification Review. MSCI also released today the 2010 Global Market Accessibility Review for
each of the markets under its coverage.

As a reminder, every June MSCI communicates its conclusions following discussions with the investment community
on the list of countries under review and announces the new list of countries, if any, under review for potential market
reclassification in the upcoming cycle. For the current cycle starting today, MSCI will maintain on the review list the MSCI Korea and MSCI Taiwan Indices for a potential reclassification to Developed Markets as well as the MSCI

Qatar and MSCI UAE Indices for a potential reclassification to Emerging Markets. No other candidate will be added to
the list of country indices under review for potential market reclassification. MSCI will communicate its decisions
resulting from this Annual Market Classification Review in June 2011.

Review of Markets in the Review List

1) Korea: MSCI will maintain the MSCI Korea Index in Emerging Markets. The MSCI Korea Index will remain
under review for a potential reclassification to Developed Markets as part of the 2011 Annual Market Classification Review.

Korea continues to meet most developed markets criteria of the MSCI market classification framework,
notably economic development, market size and liquidity and many aspects of the market operational
framework are at the level of developed market standards. However not all criteria are met and international
institutional investors continue to express concerns related to certain important accessibility issues for Korea.
Some changes have come into effect over the last few years, but their impact remains insufficient to meet
developed market standards according to the assessment of a number of market participants. For example,
the removal of the real demand principle has provided investors some flexibility in the currency operations,
but in the absence of an active offshore market for the Korean won and with the limited trading hours of the
onshore spot currency market, investors are still required to pre-fund their trades. The decision to abolish
restrictions on local banks to lend funds to international investors for securities investments is a positive
development which will be tested by investors after it takes effect in November 2010.

MSCI also hopes that the Korean authorities will continue to focus their attention on improvements to the
investor accessibility issues linked to the rigidity of the ID system in particular for the use of omnibus
accounts, off-exchange block trades and in-kind transfers.

Finally anti-competitive practices have not been eliminated: the provision of stock market data continues to
be subject to contractual anti-competitive clauses.

PR_20100621.pdf

이 자료는, 'MSCI Barra' 홈페이지에서 확인할 수 있다. (첨부자료)

 
(MSCI Korea Market Index _iShares MSCI South Korea Index Fund(ETF), EWY, Weekly 주간 차트)


[관련글] 2010년 하반기(3분기, 4분기) 국내증시, 코스피 전망 _고점권 1,900p대 가능