From fortune.com:

India’s stock market has surpassed Hong Kong’s, with $4.33 trillion listed on Indian exchanges versus $4.29 trillion in Hong Kong, elevating India to the fourth-largest equity market globally. The Indian stock market has seen rapid growth due to a rising retail investor base and strong corporate earnings.

Hong Kong, meanwhile, has faced a historic slump. China’s curbs, regulatory crackdowns, a property-sector crisis, and geopolitical tensions have caused a massive equities rout, with total market value having tumbled by over $6 trillion.

Despite a future recovery, some strategists believe India will continue to outperform due to the deepening pessimism toward China and Hong Kong, where there is a lack of major economic stimulus measures and a looming 13% drop in the Hang Seng China Enterprises Index.

Foreigners are also shifting their investments to India, with a recent study indicating that global pension and sovereign wealth managers are favoring India. In 2023, overseas funds poured more than $21 billion into Indian shares, solidifying India’s appeal as the best long-term investment opportunity.



Read more: India’s equity market now world’s fourth-largest, overtakes HK