Investors eyeing further Argentina reforms after MSCI snub

New York

THE surprise decision by benchmark investment index provider MSCI to not promote Argentina to its emerging markets stock index could delay much-needed investment in the country, showing that President Mauricio Macri's reform agenda is still far from complete, investors said on Wednesday.

Many funds use the MSCI benchmark stock and bond markets indices as guides for allocating investments into emerging markets.

Argentina's benchmark Merval stock index rose nearly 25 per cent in 2017 as traders bet on the inclusion of the country's stocks in the benchmark index, a move…