Seoul, April 21 (IANS) South Korea is likely to be put on a watch list for development market status in the Morgan Stanley Capital International (MSCI) index in the near future, the country’s financial regulator said on Monday, noting that most issues that prevented the country’s inclusion have now been addressed.
Since June 2024, the country has remained on an emerging market list by the global index as the country reimposed a ban on stock short-selling in November in 2023, reports Yonhap news agency.
Kim So-young, vice chairman of the Financial Services Commission (FSC), said it is highly likely for the country to be on the watch list for development status in the MSCI index, which is reclassified every year in June.
“We believe the possibility of (the country’s) inclusion in the near future is very high, even if it does not get included this time,” Kim said in a press briefing with foreign correspondents in Seoul.
He said over 90 percent of the issues raised by MSCI, such as the short-selling ban and others, have been resolved.
South Korea has undertaken a series of market reform measures to receive development market status in the MSCI index. Those measures include its plan to improve the country’s foreign exchange (FX) market, under which foreign institutions are allowed to participate in the onshore interbank FX market upon registration.
On March 31, the country lifted its stock short-selling ban on all listed firms, which had been in place since November 2023 after a series of naked short-selling violations involving several global investment banks was discovered.
Meanwhile, acting President Han Duck-soo on Monday highlighted the government’s goal of making South Korea a top three nation in artificial intelligence (AI) technology.
Han underscored the goal during a ceremony marking Science, Information and Communication Day, describing the world as being engaged in an “infinite competition” to secure advanced science and digital technologies.
“The key is becoming to secure the three game-changer technologies of artificial intelligence, bio and quantum technology,” he said during the ceremony in southern Seoul. “Above all, becoming a top three AI power is a goal that we must achieve at all costs.”
Han said the government is working to actively invest in these sectors while establishing the legal and institutional infrastructure to support them.
–IANS
na/
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