Indonesia's benchmark Jakarta Composite Index has been one of the world's best performing indices in 2014 as the country's economic fundamentals have improved, evidenced by easing inflation, a moderating current account deficit and an appreciating rupiah exchange rate. After having been hit hard by capital outflows in 2013 - amid heightened uncertainty about the future of the Federal Reserve's quantitative easing program - the tables have turned for Indonesia in the first quarter of 2014.

The table below shows the five winners in terms of stock trading in Q1-2014. Please note that the percentage growth figures are adjusted to local currency appreciation/depreciation.

Index Country     Growth %
Dubai Financial Market General Index United Arab Emirates      +32.3%
SOFIX Index Bulgary      +22.2%
Jakarta Composite Index Indonesia      +19.2%
Vietnam Ho Chi Minh Stock Index Vietnam      +17.4%
PSI 20 Index Portugal      +16.0%

Source: Financieele Dagblad

Meanwhile, geopolitical tensions in Crimea resulted in significant losses for the indices of Russia and Ukraine. Other indices that performed poorly in the first quarter of 2014 were those in Latvia, Peru and Nigeria:

Index Country         
    Growth %
Ukraine PFTS Index Ukraine       -18.7%
MICEX Index Russia       -14.9%
OMX Riga Index Latvia        -9.6%
Bolsa de Valores de Lima G. Sector Index Peru        -9.5%
Nigerian Stock Exchange All Share Index Nigeria        -8.9%

Source: Financieele Dagblad