Same reason as emerging markets are considered attractive over developed markets.
60% Americans invest directly in stocks vs 2-3% in India, latter is considered an “emerging” country for investment.
Those who invest directly in stocks have a Demat account with depository institution like https://nsdl.co.in, NSDL/CSDL in India, http://www.cdbl.com.bd, CDBL in Bangladesh, http://cdcpakistan.com, CDC in Pakistan, https://www.cdsckenya.com , CDSC in Kenya, https://www.cscsnigeriaplc.com CSCS in Nigeria and so on.
In December 2016 Pakistan had around 255,000 Central Depository Company (“CDC”) account holders (0.131% of population), compared to 2 million in Bangladesh (1.3% of population) and 25 million in India (2% of population).
From investment participation by local public, Pakistan is 15 years behind India. That does not mean companies trading on the stock market are very cheap because foreign investment is allowed and foreigners can bid up the prices. But what it does mean is various institutions and industries do not yet exist in such markets.