Pakistan and the Wrong Road

Seemingly against the odds, Pakistan's stock market has continued to defy expectations, outperforming the rest of Asia outside Japan for the past 18 months and all of the emerging markets since last March. Since January 2009, the average annual return for the MSCI Pakistan Index has been 31 percent, beating MSCI Emerging at 19 percent, and Frontier markets by 3 percent. Its equities market has consistently outperformed India since 2002 despite the latter's superior economic performance over the period.

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