Russia's stock market is the laggard this year after being one of the best performers in the world in 2016. Last year, the RTS index surged 54%, while the Micex gained 29%, supported by the rebound in oil prices and prospects that President Donald Trump would improve US-Russia relations.
Indian stocks are the big winners so far this year, as investors bet that economic reform in the country could improve earnings growth.
On Friday, the NSE index hit a record high for the third time this week after Prime Minister Narendra Modi's party achieved a strong election win in the key state of Uttar Pradesh. Investors are hopeful that Modi will get re-elected in 2019 and implement his reform agenda, Reuters reported.
South Korea is another high flier, and could be headed into a period of uncertainty following President Park Geun-hye's impeachment.