Tokai Fuji Brokerage has noted that Hong Kongs equity market has reached new heights overtaking Japan to ensure its spot as the world’s third largest stock market in value.
Hong Kong sits in third position behind the United States of America and Mainland China, due to a significant rebound in Hong Kong stocks since their lows in 2011.
Tokai Fuji Brokerage, a Japanese financial investment brokerage, has reported that Hong Kong’s financial stock market capitalization stood at just over $5.78 trillion earlier this week. Equity research analysts from Tokai Fuji Brokerage noted that Japan’s market capitalization was just short at $5.76 trillion.
Since the start of the financial year the Hong Kong benchmark ˜Hang Seng Index has rallied over 17 percent closing at its highest point since 2015. Companies which contribute to the constitute index such as Asian internet giant Tencent Holdings Ltd added a significant amount while its stock rallied over 22 percent.
Hong Kongs financial stock exchange has been prominent over recent years as they aim to become a major fundraising hub, they have allowed investors from all over the world make it more accessible to invest which has had a positive effect, commented Michael Blackburn, Head of Corporate Trading at Tokai Fuji Brokerage.
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Both Hong Kong and Japanese markets traded flat due to an economic outlook from the IMF (International Monetary Fund) as they were concerned about a global slow down in growth amid heightened tensions surrounding tariffs on the European Union.
Hong Kong markets are still hovering above the 30,000-point range that they had broken through.