The writer is global chief economist and head of macro strategy at Renaissance Capital
The best-performing frontier stock market of 2021 was Kazakhstan, up 81 per cent in US dollars. It outperformed even the industrialising favourite, Vietnam, which is seen by many as “China without the geopolitical risk”.
But the end-of-year celebrations will have left a nasty hangover last week as protests swept the country. The domestic market was closed but London-listed shares in the market’s top stock, the banking and fintech group Kaspi, fell 40 per cent in little more than 24 hours
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