nine-member MSCI Pakistan Index has soared by 106 percent
through Friday, outperforming the 50 countries tracked
by Morgan Stanley Capital International; a subsidiary
of Morgan Stanley that provides widely followed benchmark
indices. In contrast, the U.S. is down 18 percent, China,
11 percent and Taiwan, 21 percent. India has been flat.
South Korea is up 17 percent and Thailand, 27 percent.
Pakistan has far outpaced even the second best global
market, the Czech Republic, up more than 46 percent year-to-date.
Colombia ranks third, with 29 percent while Hungary and
South Africa round out the top five, at 27.4 percent
and 21 percent, respectively. The reason for the Pakistan's
triple-digit gain is "entirely geopolitical," said
Andrew Clark, senior research analyst at financial data
firm Lipper. "It's the impact of the U.S. on Pakistani
policy and (President
Pervez Musharraf) moving in line with the U.S. government." (Deborah
Adamson for CBS.MarketWatch.com)