Hong Kong’s stock market capitalisation surpassed Japan’s for the first time since 2015 on Wednesday to become the third-largest in the world, a sign of diverging fortunes for the two major Asian bourses this year.
The total dollar value of Hong Kong stocks stood at $5.78tn in late morning trading against Japan’s $5.76tn. Stock benchmarks for both markets were down on Wednesday but a fall of 0.7 per cent for Tokyo’s Topix outstripped a 0.3 per cent fall for Hong Kong’s Hang Seng.
The move put Hong Kong in third place behind the US and China in terms of stock market size and marked the first time it has outranked Japan since the Chinese stock bubble of 2015 popped, unwinding similar gains for equities in the former British territory.
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