UPDATE: MSCI Shuffles Asian Stocks In May 2010 Index Review

Index provider MSCI Inc. (MXB) said Tuesday it will include Bangladesh stocks in its frontier markets measure and will create a stand-alone country index for Bosnia-Herzegovina as part of the firm's semiannual index review.

MSCI also announced the addition of 42 securities and the deletion of 45 across its global standard indexes. Included in the reshuffling is the addition of Indonesia's Gudang Garam (GGRM.JK), China's Lee & Man Paper Manufacturing Ltd. (2314.HK), and India's Rural Electrification Corp. Ltd. (532955.BY) to the widely tracked MSCI Emerging Markets Index.

The firm made no mention of South Korea and Taiwan, both of which are on the waiting list for potential upgrades from emerging-market indexes to so-called developed-world indexes. In a review last June, MSCI decided to keep both countries in the emerging markets mix citing, among other things, challenges in currency convertibility, which pose difficulties for international investors.

Israel, however, was reclassified to developed markets status last year and, as such, Teva Pharmaceutical Industries Ltd. (TEVA, TEVA.TV) is now set to join the MSCI World Index.

The changes, which take effect May 27, have implications for funds that are benchmarked against MSCI's indexes as they will have to purchase the newly added securities and offload the ones that were removed.

After giving more weight to Chinese equities in their last index review in November, MSCI added 105 stocks to and removed four from the MSCI China A Index. Among the largest additions are Haitong Securities Co. Ltd. (600837.SH) and Xinjiang Goldwind Science & Technology Co. Ltd. (002202.SZ).

-By Kejal Vyas, Dow Jones Newswires; 212 416 2185; kejal.vyas@dowjones.com

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