China now World's No. 2 & 3 largest stock markets?


World Finance & Economy
For image text, go to https://www.bbc.com/news/world-asia-china-40426827

China now World's No. 2 & 3 largest stock markets?

PORT MORESBY: About 12 years after the British returned Hong Kong to China, the former colonial territory has overtaken Japan as the world’s third largest stock market.

Not surprising, though, because mainland China’s 1.4 billion population would have looked at investing in Hong Kong with more ease after the takeover.

 So, China is now the world's No.2 & 3 largest stock markets?

Hong Kong Island and the Kowloon Peninsula were ceded to Britain in 1842 and 1860 respectively, as well as the New Territories that were leased for 99 years from 1898.

Then British Prime Minister Tony Blair, Prince Charles of Wales, Chinese President Jiang Zemin, and US Secretary of State Madeleine Albright witnessed the handing of Hong Kong to Chinese rule on July 1, 1997, at midnight.

We wonder why the Hongkies would continue to whine about Chinese rule when its global equity standing had improved.

PNG Cyber Monitor reproduces a Bloomberg report below for the details:

Hong Kong overtakes Japan as world’s third largest stock market

MARKETS
Wednesday, 10 Apr 2019
2:25 PM MYT

HONG KONG: Bragging rights to Hong Kong, for now.

The city’s equity market has overtaken Japan to be the world’s third largest in value, behind only the U.S. and mainland China, courtesy of a rebound in Hong Kong stocks after their worst year since 2011.

Hong Kong’s market cap was $5.78 trillion as of Tuesday, the latest available data show, compared with $5.76 trillion for Japan.

The Asian city’s benchmark Hang Seng Index climbed 17 percent 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 percent gain. Japan’s Topix Index advanced 8.3 percent in that period.

Both markets were lower Wednesday, as an economic outlook from the International Monetary Fund renewed concern about a slowdown in global growth and after the U.S. threatened tariffs on the European Union.

The Hang Seng Index fell 0.3 percent as of 11:38 a.m. in Hong Kong, still just above the 30,000-point level that it broke through earlier this month. The Topix was down 0.7 percent. - Bloomberg/The Star

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