According to Economic Times, over the past 16 years, the MSCI Morgan Stanley Capital International Pakistan index climbed over 14 per cent in dollar terms on a compounded annual growth CAGR basis, while the MSCI India index has advanced 8. The KSE index of the Karachi Stock Exchange rallied 2, per cent from 1, in January to around 48, in December , while the Sensex of the BSE Mumbai advanced per cent in this period.

KSE tracks the performance of biggest companies by market capitalisation from each sector of the Pakistani economy listed on bourses. On the other hand, the share Sensex jumped from 5, in December to 26, on December 30, The macroeconomic conditions of India look strong in terms of gross domestic product GDP.

According to an earlier Economic Times report quoting the Central Intelligence Agency, India's real GDP growth rate was at 7. Among other emerging markets, the Chinese equity indices have underperformed both Indian and Pakistani equity markets since the year China's Shanghai Composite index advanced per cent to 3, till December from 1,, where it was trading at in January According to a Forbes report, published in September , Pakistan is a frontier economy rather than an emerging market, and is, therefore, ahead in the numbers game.

Pakistan stock market best in Asia: Bloomberg

This means Pakistan's economy is less exposed to the global uncertainties compared with that in China and India. Therefore, it is less affected by interest rate fluctuations in developed countries, primarily the US. Pakistani equities were up 45 per cent in , the best performing emerging market in Asia. Pakistan is still not expensive at Unlike Seoul, Tokyo, Mumbai or Jakarta, Pakistani equities do not soar only when they are in favour with global investors.

The MSCI upgraded Pakistan to emerging markets from its former frontier netherworld last June. The elected government of Nawaz Sharif will complete its full term, only the second such government in Pakistani history to do so. Budget deficits, inflation and policy interest rates has plunged to record lows.

Pakistan equities have returned 28 per cent per annum for US dollar investors since This makes former president Asif Zardari the father of the most spectacular bull market in Asia despite his PPP's ostensibly socialist, populist agenda.

Pakistan is also weekly correlated to Wall Street or even the major emerging markets indices. The writer remembers when a former American ambassador once told him that Pakistan was a "geopolitical too big to fail" state - to Washington, Beijing, Riyadh and even to New Delhi.

As late as December , it was obvious to the writer that the world was grossly underweight Pakistan on the eve of a MSCI upgrade from frontier to emerging market that came in June Since the free float in Karachi is a mere 22 per cent, I did not need to be Warren Buffett to figure out that at least a per cent move in Pakistani equities was imminent in After all, UAE shares more than doubled in value before and after their MSCI upgrade.

This macro trade was, frankly, impossible to miss. The writer believes it was a strategic mistake for Pakistan to sell 40 per cent of its combined stock exchange to Chinese and not Western investors. He writes Pakistan's destiny is with the Western democracies, not as a satellite state of the Dragon Empire.

The writer also believes the Kashmir time bomb will not explode into war on the LOC, even if it poisons relations between Islamabad and New Delhi.

The easy money in Pakistani equities was made in though there is no shortage of per cent upside strategic plays in Karachi in Pakistan amply vindicates George Soros's observation. The big money is made when things go from Godawful to just plain awful.

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