Hong Kong

1.4449*

1.2456**

1.0921*

1.5537*

1.2874**

1.9677**

1.3429

1.2396*

0.9449

(4.0706)

(2.0429)

(2.8638)

(2.6764)

(2.5107)

(2.2932)

(1.5341)

(4.0323)

(0.5338)

India

0.2728

0.3838

0.3634

0.1036

−0.2524

−0.1708

−0.1697

−0.9638

−0.9165

(0.6745)

(0.5447)

(0.6789)

(0.5315)

(−0.9933)

(−0.1891)

(−0.6848)

(−0.1014)

(−0.5089)

Japan

0.7386*

0.5168

0.3694

0.2096

0.1835

0.1912

0.7219

1.6147

1.8131

(2.7786)

(1.3768)

(0.8861)

(0.6007)

(0.8436)

(0.2279)

(0.9783)

(1.1831)

(1.6011)

Malaysia

0.9849

0.9616

0.9392

0.9326

0.9211

0.9019

0.8893

0.8829

0.8512

(0.0029)

(0.0038)

(0.0036)

(0.0064)

(0.0033)

(0.0033)

(0.0033)

(0.0026)

(0.0029)

New Zealand

−0.3757

8.8986

8.079*

7.5574*

7.1582

10.3125*

15.1337

17.1774*

18.3041

(−0.1128)

(0.7631)

(3.023)

(2.959)

(0.9391)

(6.7348)

(1.1904)

(3.1748)

(1.674)

Singapore

1.0248

0.2626

0.0607

0.6775

0.2642

−0.1115

−0.3707

−1.2249

−1.2395

(1.9812)

(0.8724)

(0.0655)

(0.9503)

(0.5382)

(−0.1596)

(−0.5077)

(−0.8692)

(−1.0374)

South Korea

0.4884

1.5084**

1.6893**

1.6895**

1.3955*

2.3922*

2.5129

4.5839

9.6837*

(0.3125)

(2.1436)

(2.4747)

(2.2868)

(2.8965)

(2.9175)

(1.8844)

(1.3891)

(10.4183)

Taiwan

−5.3118*

−5.7862*

−5.7441*

−6.0844*

−6.5666*

−7.0905*

−6.6997*

−7.2284*

−5.2461*

(−6.7525)

(−9.5049)

(−14.1762)

(−27.6544)

(−30.3809)

(−12.6707)

(−9.5614)

(−6.5862)

(−2.3752)

African Markets

Egypt

−1.8898

−0.2910

0.0801

−0.0838*

−0.1736

0.1312

1.6385

5.1810

11.4176**

(−1.0821)

(−0.3097)

(0.1564)

(−2.045)

(−0.1829)

(−0.1753)

(0.5188)

(0.7926)

(2.4869)

Kenya

−6.4427*

−0.6496*

−0.7065*

−0.8203*

−0.9042*

−1.1303*

−1.3361*

−1.6577*

−2.2854*

(−3.851)

(−4.3335)

(−5.9223)

(−9.8069)

(−12.6976)

(−13.7824)

(−9.6387)

(−8.3219)

(−6.715)

Mauritius

0.1907

0.1782

0.1659

0.1570

0.1493

0.1412

0.1350

0.1239

0.1047

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

(0.000)

Nigeria

0.0555

−0.0621

−0.0595**

−0.1741

−0.2916*

−0.3976

−0.0182

0.2548

−0.0515

(0.2205)

(−0.4311)

(−2.2725)

(−1.4958)

(−3.328)

(−0.845)

(−0.8328)

(0.8928)

(−0.0389)

South Africa

0.2728

0.3838

0.3634

0.1036

−0.2524

−0.1708

−0.1697

−0.9639

−0.9165

(0.6745)

(0.5447)

(0.6789)

(0.5315)

(−0.9933)

(−0.189)

(−0.6848)

(−1.1014)

(−0.5089)

Middle-East Markets

Abu Dhabi

−0.8722**

−1.1428**

−0.6588

−0.7975**

−0.7562**

−0.8866*

−1.1303*

−1.3453*

−1.1975*

(−2.1985)

(−2.1973)

(−1.6937)

(−2.2231)

(−2.4735)

(−22.0616)

(−2.9982)

(−2.9773)

(−3.5261)

Bahrain

−0.1242

−0.0298

−0.2018

−0.3619

−0.3615

−0.5197*

−0.6413**

−0.5532

−1.1138

(−1.4703)

(−0.2821)

(−1.5159)

(−1.501)

(−1.3988)

(−3.1917)

(−2.3592)

(−0.9203)

(−1.324)

Qatar

0.0165

−0.1809

−0.2486*

−0.3574*

−0.4859*

−0.5457**

−0.5033*

−0.5418*

−0.2777

(−0.6536)

(−1.4985)

(−7.8385)

(−5.5613)

(−5.0249)

(−2.2788)

(−2.7993)

(−2.9497)

(−1.6515)

Saudi Arabia

0.3485

−0.4924*

−0.2932

−0.2903**

−0.3915*

−0.3908

−0.3862

−0.2458

−0.2634

(−1.4039)

(−4.3222)

(−0.6179)

(−2.2745)

(−5.2422)

(−1.2743)

(−1.1989)

(−1.3934)

(−0.346)

UAE

−5.6702*

−4.6476*

−3.1788*

−3.3686*

−2.8944*

−3.3704*

−3.8241*

−4.2533*

−4.5847

(−12.8023)

(−3.2809)

(−3.7026)

(−4.5791)

(−3.5879)

(−10.6924)

(−7.5734)

(−6.0877)

(−1.4798)