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India’s Largest Stock Exchange Surpasses Hong Kong

The combined market capitalization of stocks listed on India’s largest stock exchange, the National Stock Exchange of India (NSE), has surpassed that of listings on the Hong Kong Stock Exchange (HKSE). Shanghai-based Chinese financial news site East Money recently reported that, as optimism about India’s economic prospects grows, the NSE is now the seventh largest stock exchange in the world.

According to the World Federation of Exchanges (WFE), the total market capitalization of stocks listed on NSE was US$3.989 trillion as of the end of November, while the total market capitalization of stocks listed on the HKSE was US$3.984 trillion. In terms of total market value of listed stocks, the NSE currently ranks behind the New York Stock Exchange, Nasdaq Stock Exchange, Shanghai Stock Exchange, Euronext, Tokyo Stock Exchange, and Shenzhen Stock Exchange.

India’s main benchmark stock index NSE Nifty 50 hit another high recently. The index has gained nearly 16 percent so far this year and is on track for its eighth straight year of gains.

India currently has the world’s fastest-growing large economy. Despite global economic headwinds, India’s economic growth this year is expected to reach 6.3 percent this year, according to the International Monetary Fund (IMF). International ratings agency S&P Global recently said in a report that India will remain the world’s fastest-growing economy for at least the next three years. By comparison, Hong Kong’s benchmark Hang Seng Index has fallen 18 percent so far this year. The index is on track for this year to be its fourth straight year of losses, the worst among major Asia-Pacific stock markets.

Source: East Money, December 12, 2023