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Argentina Shares Fall After MSCI Cuts Emerging Market Status

  • Index provider MSCI downgrades nation to ‘standalone’ status
  • Argentina has intensified capital controls under Fernandez
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Argentine stocks fell Friday after index provider MSCI Inc cut them from emerging market status due to the country’s continued capital controls.

The downgrade to “standalone” status, which comes just three years after the index provider raised the country’s shares from frontier to emerging-market status, was prompted by Argentina’s ongoing capital controls, according to a statement published Thursday evening. American depositary shares of oil company YPF SA led share declines on Friday, with a drop of as much as 12%, the most intraday since March 2020.