India’s stock market has overtaken Hong Kong’s for the first time for the South Asian nation whose growth prospects and policy reforms have made it an investor darling.
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 Bloomberg.
Equities in India have been booming, thanks to a rapidly growing retail investor base and strong corporate earnings.
The relentless rally in Indian stocks has coincided with a historic slump in Hong Kong, where some of China's most influential and innovative firms are listed.
New listings have dried up in Hong Kong, with the Asian financial hub losing its status as one of the world's busiest venues for initial public offerings.