OUR STAFF REPORTER LAHORE - Despite economic slowdown, severe security concerns and tense Pak-US ties, Pakistan is so far the best performing market in Asia after Indonesia as measured by the MSCI Indices. Over 20 percent growth in corporate earnings and reduction in interest rates helped Pakistan equities so far in 2011 amongst the Asian Emerging and Frontier markets tracked by MSCI. Experts said that almost all markets in MSCI Asian Emerging and Frontier markets showed declining trend, as India and China, the two major markets were down by 26 percent and 24 percent, respectively. Hence, Pakistan with negative 5 percent return becomes the second best performing market amongst 12 countries in Asia. Market experts said that with resurgence of the US crisis coupled with headwinds in Eurozone, huge selling was seen in global equity markets as risk averse offshore investors moved to safe heavens. The MSCI All Country World Index has slumped by 8 percent in 2011 till October 18 on concerns about the world economy and the lack of any credible solution to Europe's debt issue. The repercussions were also felt in Asian markets which saw net outflow during last few months, keeping the markets under pressures. That is why most of the Asian Emerging and Frontier markets have posted negative returns so far in calendar year 2011. For the sake of consistent index calculation methodology and to calculate return in US dollars, we have used MSCI indices rather than country's own index, said Farhan Mahmood, a stock market analyst. He said that due to fear of another recession, the benchmark MSCI Word Index is down 8 percent in 2011YTD. Sharp decline is witnessed in Emerging and Frontier markets with MSCI Asian EM and FM Indices both are down by 18 percent and 25 percent, respectively Moreover, except for one market in twelve, all markets in MSCI Asian Emerging and Frontier markets are down 5-39 percent with India and China, the two leading markets falling by 26 percent and 24 percent, respectively. Interestingly, Pakistan with negative 5 percent return is so far the second best performing market amongst these 12 countries (including 4 in MSCI FM & 8 in MSCI EM). However, amongst 4 MSCI Asian Frontier markets, Pakistan outperformed all other markets with a big margin.