This study provides a detailed analysis of co-movements and dynamic linkages of emerging equity stock markets, in Asia, with developed markets. Co-movements and dynamic linkages of Asian emerging stock markets, with developed markets, provide vital information to international equity investors, both in terms of managing the risk and maximizing the returns. This study would help the investors, to identify the best Asian markets, for their investment and decide on a good portfolio and diversification strategy. The results of this study, particularly those of the econometric tests, would provide important information for the retail investors, governments, portfolio managers and policy regulators, in respect of the above sample countries. Finally, it is identified that global investors could invest in emerging markets like Indonesia and China stock markets, which recorded more positive signs than negative sign, at 30.31% and 23.33% respectively, during the study period. It is concluded that the Asian markets, especially China, India, Malaysia, Taiwan, and Thailand, provide good opportunities for overseas portfolio diversification, to the international investors, over a long period.