Hong Kong overtakes Japan as world's third largest stock market
[HONG KONG] Bragging rights to Hong Kong, for now.
The city's equity market has overtaken Japan to be the world's third largest in value, behind only the US and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011.
Hong Kong's market cap was US$5.78 trillion as of Tuesday, the latest available data show, compared with US$5.76 trillion for Japan. The Asian city's benchmark Hang Seng Index climbed 17 per cent this year through Tuesday, when it closed at its highest since June 15. Internet giant Tencent Holdings Ltd has been the main driver with a 22 per cent gain. Japan's Topix Index advanced 8.3 per cent in that period.
Both markets declined Wednesday, as an economic outlook from the International Monetary Fund renewed concern about a slowdown in global growth and after the US threatened tariffs on the European Union. The Hang Seng Index slipped 0.1 per cent, still closing above the 30,000-point level that it broke through earlier this month. The Topix fell 0.7 per cent.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
South Korea’s probe alleges 211.2 billion won of illegal short trades
Asia: Markets build on rally as US jobs data boost rate cut hopes
Zero-day options boom will only grow even as some investors fear disaster
Singapore stocks open in the black on Monday; STI up 0.3%
Stocks to watch: Singtel, Venture Corp, ARA H-Trust, YHI International, LHN
Europe: Shares end higher on tech support; banks slide