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MSCI said its decision came after the kingdom's equity market - the largest in the GCC region with a market capitalisation of SAR1.95 trillion (around $520bn)- implemented a number of regulatory and operational enhancements.

An upgrade could bring about $3.8 billion of inflows from index-tracking funds, according to JPMorgan Chase & Co.

The MSCI Argentina index is down 37% this year, the peso has fallen 33% against the dollar and Argentine bonds have.

"By automatically being added to the index, the country will enter global investors' radar screens", Lieblich, said.

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Argentina and Saudi Arabia's entry into the emerging market indices of Morgan Stanley Capital International (MSCI) could cause capital outflows of around 8 trillion won (US$7.27 billion) from the South Korean bourse, experts said Thursday.

Hollands added: "The effect on Frontier market fronts is a lot more dramatic, as Argentina represents nearly 20% of the Index, which has already been profoundly reshaped in recent years by the upgrading of UAE and Qatar to EM status".

MSCI said that it chose to reclassify Saudi Arabia following additional reforms made by the Kingdom's Capital Market Authority (CMA) to align its stock market with others worldwide.

"It is our job to ensure the market is ready for such events, and this is what we have done", he added.

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Index maker MSCI Inc., a major indirect decision maker on asset flows due to the growth of passive equity investing, awarded emerging market status for the first time in almost a decade.

Such reforms prompted index provider FTSE Russell to upgrade the Kingdom to emerging market status in March, opening the country's stocks up to billions worth of passive and active inflows from foreign investors. MSCI also said it would include Kuwait on its review list for next year. "The upgrade is positive for broadening Saudi Arabia's investor base, particularly institutional investment, which tends to be more stable in nature", Malik told Khaleej Times. Since then, it eased requirements for these investors with measures such as lowering the minimum amount of assets under management to get the status of qualified foreign investors, or QFI, and aligned trade settlement times with worldwide standards. The Saudi market will probably face hurdles in retaining foreign money unless companies become more transparent, some traders said.

The move follows a series of stock market reforms by Tadawul and its regulator, the Saudi Capital Market Authority, to make it easier for foreigners to invest. Markets are expecting the country's central bank to raise its benchmark interest rate later in the day to the highest in more than nine years to counter a slump in the peso and match a U.S. Federal Reserve hike.

"The reforms of the Saudi capital market, guided by Vision 2030, and the government's strong commitment to modernize the Saudi economy through comprehensive reforms, have aligned the market with global best standards making it more attractive to both domestic and foreign investors".

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If Aramco goes public, MSCI capital inflows would double to around $90 billion, according to Usman Ahmed, managing director, investments, at Emirates NBD Asset Management. In a nation where women couldn't drive and there were few investment opportunities beyond oil, investors didn't see much of a long-term opportunity. "Argentina and Saudi Arabia still have hurdles to tackle".