Hong Kong's equity market has overtaken Japan to be the world's third largest in value, behind only the US and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011.The city's equity market has overtaken Japan to be the world's third largest in value, behind only the US and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011.
Hong Kong's market cap was US$5.78 trillion as of Tuesday, the latest available data show, compared with US$5.76 trillion for Japan. The Asian city's benchmark Hang Seng Index climbed 17 per cent this year through Tuesday, when it closed at its highest since June 15. Internet giant Tencent Holdings Ltd has been the main driver with a 22 per cent gain. Japan's Topix Index advanced 8.3 per cent in that period.
Both markets declined Wednesday, as an economic outlook from the International Monetary Fund renewed concern about a slowdown in global growth and after the US threatened tariffs on the European Union. The Hang Seng Index slipped 0.1 per cent, still closing above the 30,000-point level that it broke through earlier this month. The Topix fell 0.7 per cent.
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Hong Kong: Stocks end with more gains[HONG KONG] Hong Kong stocks rose Tuesday to build on the previous day's gains, with investors looking ahead to the release of minutes from the Federal Reserve's March policy meeting. Read more at The Business Times.
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Hong Kong: Stocks start week with a gain[HONG KONG] Hong Kong stocks resumed their upward march Monday as investors returned from a long weekend break to forecast-beating US jobs data that eased worries about the world's top economy. Read more at The Business Times.
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