The Indian stock market surpassed Hong Kong for the first time to rank fourth in the world, Bloomberg reported.
According to data compiled by Bloomberg, the aggregate value of stocks listed on Indian exchanges reached $4.33 trillion as of Monday’s close, compared with Hong Kong’s $4.29 trillion.
India’s market capitalization crossed $4 trillion for the first time on December 5. The Indian stock market’s recovery has come on the back of a rapidly growing retail investor base, Foreign institutional investor (FII) capital is maintained, corporate profits are strong and earnings are high. national macroeconomic foundation.
Additionally, India has positioned itself as an alternative to China, attracting new capital from investors and businesses around the world, thanks to its stable politics and consumption-driven economy. , remains one of the fastest-growing major countries, Bloomberg reported. By contrast, markets collapsed in Hong Kong, where some of China’s most innovative and influential companies are listed. The combined market value of Chinese and Hong Kong stocks has fallen by more than $6 trillion since their 2021 peak.
Bloomberg’s report adds that Beijing’s tough Covid-19 restrictions, strict management measures on businesses, crisis in the real estate sector and geopolitical tensions with the West, all have eroded China’s appeal as a global growth engine.
The Asian financial hub is losing its status as one of the world’s busiest initial public offering (IPO) locations as new listings dry up in Hong Kong.
Foreign funds invested more than $21 billion in Indian stocks in 2023, helping the country’s benchmark S&P BSE Sensex index post an eighth straight year of gains.
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