At $309m, average daily value traded in frontier markets is tiny compared to developed (~$277bn) and emerging (~$59bn) markets. Pakistan, which accounts for approximately one-third of this total, trades the most, while as many as ten frontier markets trade less than $2m on average per day. Although the Middle East has the largest index weighting, it comes a poor second to Asia regarding value traded. Much of this is due to Qatar and the UAE getting promoted to emerging market status, but a slump in liquidity in Kuwait has also not helped.

Source: Credit Suisse Trading Strategy, Bloomberg, Jun 07- Jul 16