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Frontier markets with managed exchange rates from Dubai to Vietnam are luring equity investors fleeing the currency turmoil in larger developing economies.A gain of more than 3 percent in the MSCI Frontier Market Index this year pushed stocks to a 2008 high Feb. 19, even as slower China growth and the Federal Reserve's plan to trim bond buying weighed on developing and developed-nation gauges.A Bloomberg gauge tracking 20 developing-nation currencies and the MSCI Emerging Markets Index are down 1.9 percent and 4.6 percent respectively in 2014 .Equities in Qatar, the world's largest exporter of liquefied natural gas, have rallied 14 percent this year, while Abu Dhabi's gauge has gained 15 percent and Dubai's benchmark posted returns of 24 percent, the most among 50 of the world's largest equity markets. The Arab Gulf countries keep their currencies pegged to the dollar because earnings from energy exports are denominated in the U.S. currency.
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