Wednesday, October 10, 2007

Record Highs in Asia; "Let a 100 Billionaires Bloom"

1. Less (fewer?) than two weeks ago on Sept. 27, I posted about India's stock market setting a new record high above 17,000 for the benchmark BSE Index. Well, India's stock market just set another record high, passing the 18,000 mark yesterday, rising 1,000 points in only 8 trading sessions (see chart above).

And the stock market euphoria was not restricted to India - benchmark indexes in China, Australia, Hong Kong, South Korea, Singapore, Indonesia and Pakistan all rose to new peaks in recent days.

Read articles here, here and here.

2. China now has 106 billionaires, up from only 15 last year, as surging stocks boosted the wealth of the nation's richest people. China's billionaire tally is second only to that of the U.S., which has 400, as surging mainland and Hong Kong stock markets have boosted wealth. Hong Kong's Hang Seng Index is up 41% this year through yesterday, the strongest annual performance since 1999 if it holds through year-end (see chart above).

What would Mao say? "Let a hundred billionaires bloom"?

(Thanks to Sanil Kori)


At 10/10/2007 4:07 PM, Anonymous Anonymous said...

What would Mao say?

Hurry up and drop that dollar peg and we'll show those Americans what a real super power is.

At 10/14/2007 10:32 AM, Blogger Wayne, "El Guero" said...

Great post.

So are you saying that the ethnic Chinese are quickly regaining their position as the owner of most of the world's wealth?


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