Hong Kong Overthrows Japan to Become the World’s Third Largest Stock Market

A rebound in stocks has caused Hong Kong’s stock exchange to usurp Japan as the third largest stock market globally, after the US and China. On Tuesday, the total market cap for Hong Kong’s equity market touched $5.78 trillion, overtaking Japan’s market cap at $5.76 trillion.

The move was triggered after Hong Kong’s Hang Seng Index rose by 17%, its highest close since 15 June, 2018. Behind this remarkable gain was the rise in the value of stocks of Tencent Holdings Ltd., which climbed 22% higher.

On Wednesday, however, both equity markets in Japan and Hong Kong suffered over IMF’s reiteration of a possible slowdown in global economic growth amid rising trade tensions. As a result, the Hang Seng Index has closed 0.15% down, but it remains above the 30,000 level. Japan’s Topix has fallen 0.7% today on account of this news from the IMF.

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Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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