By Gary Kleiman of Kleiman International Consultants Last year African frontier stock markets on the dollar-denominated MSCI benchmark index, where the majority reside, were an overall losing proposition – with the region sub-index the only decliner at 7% versus the composite up by the same percentage. Central Europe at +30% was the gauge runaway winner, while Gulf members with a flat result were the closest to negative. Egypt and South Africa are represented on the core tier, and the former was a rare exception with a 35% gain in USD alongside 70% in local currency terms, while the respective…