ETFs tracking Indonesia, Southeast Asia’s largest economy, are also slightly lower today despite Morgan Stanley upgrading stocks there to equalweight from underweight. Indonesia’s interest rate trajectory looks familiar…

Chart Courtesy: Trading Economics

…So does the trajectory of the Market Vectors Indonesia ETF (NYSEArca: IDX) and the iShares MSCI Indonesia ETF (NYSEArca: EIDO), though both have been better than broader emerging markets ETFs this year.

Then there is India. The Reserve Bank of India has boosted rates at three of its past four meetings, moving India’s benchmark interest rate to 8%. The WisdomTree India Earnings ETF (NYSEArca: EPI) is off 6% in the past 90 days.

In further evidence BIITS rate hikes are not being embraced by investors, shares of the iShares MSCI South Africa ETF (NYSEArca: EZA) are down 2.7% today after the South Africa Reserve Bank boosted the country’s repurchase rate to 5.5% from 5%. EZA is lower by 8% this year. [Problems in Pretoria: South Africa ETF Slides]