When index creator MSCI announced in June that it was promoting Pakistan from a frontier market to a fully-fledged emerging market, it created something of a quandary for specialist frontier investors.
The move proved those investors had been right to invest so heavily in the country over the years. It also created a jolt that sent Pakistan’s stock market 5% higher in a matter of days. But it raised obvious questions about whether these funds could continue to invest in the market in future.
One frontier market-focused portfolio manager told FinanceAsia his fund would continue to invest in the country, arguing that MSCI index...
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