India’s stock market is on track to eclipse Hong Kong: Recent surges in Indian share prices have put the country’s stock exchange on track to surpass Hong Kong and become one of the world’s largest trading centers, according to the Financial Times. The National Stock Exchange of India’s total market cap stood at USD 3.7 tn at the end of October, and with strong earnings and growth projections pushing share prices higher in the weeks since, the Mumbai-based market is poised to take the place of the Hong Kong stock exchange (October market cap: USD 3.9 tn) as the world’s seventh-largest exchange.

ADX

9,401

-0.7% (YTD: -7.4%)

DFM

3,952

-0.1% (YTD: +18.5%)

Nasdaq Dubai UAE20

3,952

-1.3% (YTD: -7.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.0% o/n

5.3% 1 yr

TASI

11,297

+0.6% (YTD: +7.8%)

EGX30

24,190

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4,604

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FTSE 100

7,554

+0.5% (YTD: +1.4%)

Euro Stoxx 50

4,523

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+2.4%

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THE CLOSING BELL-

The ADX fell 0.7% yesterday on turnover of AED 901.27 mn. The index is down 7.4% YTD.

In the green: Gulf Cement (+8.9%), Sharjah Cement and Industrial Development (+8.0%) and Emirates Driving Company (+4.9%).

In the red: Phoenix Group (-10.0%), National Bank of Umm Al Qaiwain (-5.6%) and Multiply Group (-4.4%).

The DFM fell 0.1% yesterday on turnover of AED 255.01 mn. The index is up 18.5% YTD.

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