Shares in Dubai, one of seven sheikhdoms in the United Arab Emirates, also rallied on prospects the country would be upgraded from frontier status at MSCI Inc. The U.A.E. and Qatar will be raised to emerging-market status, effective May 2014, MSCI said in a statement late yesterday. The benchmark DFM General Index has surged 48 percent in 2013, the second-best performer among 94 gauges tracked by Bloomberg.

Eoin Treacy's view A number of comparatively illiquid markets which had failed to attract investor interest over the last few years have turned to outperformance over the last few weeks not least because there have been fewer leveraged long positions to be pressured by stress in other markets.

Rationally, Vietnam and Qatar have very little in common other than the fact that they are both breaking out of lengthy base formations and beginning to attract investor interest as their prospects are upgraded.

Qatar completed a more than two-year range in the last couple of weeks and while somewhat overbought in the short-term, a clear downward dynamic would be required to check momentum. Oman has a rounding characteristic consistent with accumulation as it extends its rally. Dubai is currently consolidating in the region of its 2009 highs and a sustained move below the 200-day MA would be required to question medium-term recovery potential.

Vietnam has paused in the region of 520 over the last week but a sustained move below the 200-day MA, currently near 465, would be required to question medium-term potential for additional upside.