News Brief
India Surpasses Hong Kong To Become Fourth-Largest Global Stock Market
The Bombay Stock Exchange. (GettyImages)
In a notable achievement, India's stock market has surpassed Hong Kong's market for the first time.
The combined value of shares listed on Indian exchanges has reached $4.33 trillion, surpassing Hong Kong's $4.29 trillion, making India the fourth-largest equity market globally.
As reported by the Times of India, the surge in equities is attributed to a rapidly expanding retail investor base and strong corporate earnings.
The report also noted that India has positioned itself as an alternative to China, drawing global investors and companies with its consumption-driven economy.
This achievement coincides with a historic downturn in Hong Kong, where influential Chinese firms are listed.
It's also important to note that the total market value of Chinese and Hong Kong stocks has plummeted by over $6 trillion since their peaks in 2021.
Despite the challenges faced by China, some strategists anticipate a turnaround.
UBS Group AG sees Chinese stocks outperforming Indian peers in 2024, with significant upside potential due to battered valuations.
However, Bernstein expects the Chinese market to recover and recommends taking profits from Indian stocks, citing their perceived expensive nature.
In 2023, more than $21 billion was poured into Indian shares, contributing to eight consecutive years of gains.
This positive momentum has positioned India as a preferred long-term investment opportunity.
Also, Goldman Sachs Group Inc strategists, in a note from 16 January had highlighted a clear consensus that India presents the best long-term investment opportunity.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
