India’s stock market has overtaken Hong Kong’s for the first time in another feat for the South Asian nation whose growth prospects and policy reforms have made it an investor darling.
According to the data compiled by the Bloomberg, the combined value of shares listed on Indian exchanges reached $4.33 trillion as of Monday’s close, versus $4.29 trillion for Hong Kong, according to data compiled by Bloomberg on Tuesday.
That makes India the fourth-biggest equity market globally. Its stock market capitalisation crossed $4 trillion for the first time on December 5, with about half of that coming in the past four years.
Moreover, India has positioned itself as an alternative to China, attracting fresh capital from global investors and companies alike, thanks to its stable political setup and a consumption-driven economy that remains among the fastest-growing of major nations, Bloomberg reported. On the other hand, Hong Kong markets have slumped, where some of China’s most influential and innovative companies are listed. The total market value of Chinese and Hong Kong stocks has plunged by more than $6 trillion since their peaks in 2021.