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It is an acute problem for frontier markets.
"Frontier markets really attract a different investor," Ms. Ng said.
The KSE's rise also reflects investors' enthusiasm for "frontier markets", the world's wilder bourses.
"International funds and emerging market funds put very little money in frontier markets," he said.
Mr. Mobius sees encouraging prospects for frontier markets pretty much everywhere.
Still, Mr. Clayton is focused on the long-term picture for these frontier markets.
The thought of buying into frontier markets to make a quick buck would certainly be erroneous.
"You can build a nice international portfolio without a frontier markets fund".
For Wal-Mart, the appeal of expanding into frontier markets, like Siberia, is obvious.
"I think Iran represents the biggest opportunity in frontier markets globally," he said.
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Last month, for instance, the iShares division of BlackRock, a fund manager, launched a frontier-markets exchange-traded fund, tracking the 100 largest stocks within MSCI's frontier index.
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