In a significant market development on November 28, Taiwan stocks overtook Hong Kong stocks for the first time since 1992, highlighting a notable economic shift. The Taiwan stock market closed at 17,341.25 points, surpassing Hong Kong’s Hang Seng Index, which dipped to 17,303 points around 2 p.m. This historic moment sparked discussions across various sectors.
Market experts noted that the decline in Hong Kong stocks began after 2019, influenced by factors such as the COVID-19 pandemic, China’s anti-corruption campaign, suppression of private enterprises, U.S.-China tensions, and the implementation of the Hong Kong version of the national security law. At the same time, Taiwan’s economy is booming under current leadership with Taiwan’s weighted index more than doubled in less than eight years.
The recent so-called “golden cross” between the Taiwan and Hong Kong stock indices signals global investor optimism towards Taiwan and a cautious stance on Hong Kong.
