Hong Kong beats Japan as world's third largest bourse

The Hang Seng Index climbed 17% whilst the bourse's market cap hit US$5.78t.

After its worst year since 2011, Hong Kong's stock market has beaten Japan to become the world's third largest in value, closely behind the US and mainland China, Bloomberg reports.

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 $5.78t as of Tuesday, the latest available data show, compared with $5.76 t for Japan. The Asian city’s benchmark Hang Seng Index climbed 17% 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% gain. Japan’s Topix Index advanced 8.3% in that period.

Read the full report here.