As tensions surrounding Syria's alleged use of chemical weapons intensified this week, emerging markets have taken a further pounding, dousing hopes for an end to the rout.
Reports that the U.S. is gearing up to hit Syria with three days of missile strikes as early as Thursday prompted a steep sell-off across global equity markets that started on Tuesday and persisted into Wednesday.
(Read more: Syria rattles global markets for second day)
According to Jack Bouroudjian, CEO of Bull and Bear Partners, Syria is another blow to emerging markets just as they were catching a breath.
"We are almost at a very near term bottom in emerging markets. I would not be surprised to see some of the fund flows work its way out of the U.S. market into emerging markets," said Bouroudjian.
"But there is a very big black cloud out there [now] - the Syrian situation has to get under control - there is a lot at stake here," he added.
(Read more: Syria is just the latest of the market's troubles)
Already, panic over an imminent scale down of U.S. monetary stimulus has pushed the MSCI Emerging Market index 13 percent lower in the last three months. Now, a fresh headwind in the form of geopolitical tension around Syria is exacerbating the declines.