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With the listing of 26 new companies in the first six months of 2012, the Bombay Stock Exchange maintained its distinction of having more avenues for equity investment than any other stock market in the world. But the value of shares traded witnessed a 22.2 per cent dip in rupee terms and 32.5 per cent in dollar terms during the period.
What is more, the value of trades on India’s premier bourse amounted to just $59.7 billion, paltry in comparison to the share trading value of $7.1 trillion on the NYSE, $1.5 trillion on the Shanghai Exchange, $575 billion on the Hong Kong Stock Exchange and $125.9 billion on the Taiwan Stock Exchange.
While there are 5,141 listed companies on the BSE, there were just 2,334 listed companies on the NYSE Euronext, 2,864 on the London Stock Exchange Group, 1,519 on the Hong Kong Stock Exchange, and 945 on the Shanghai Stock Exchange.
In terms of new listings during the first six months of 2012, the pace of additions was slower than on Chile’s Santiago Exchange (93.6 per cent), Warsaw Stock Exchange (23.1 per cent), Shenzhen Stock Exchange (14.3 per cent), Hong Kong Exchange (4.9 per cent) and Taiwan Stock Exchange (4.7 per cent).
However, it was better than the NYSE (0.7 per cent new listings) and Tokyo Stock Exchange (0.1 per cent). What is more, given the decline in the number of listed companies on exchanges such as NASDAQ (-3.2 per cent), Mexican Exchange (-71.5 per cent), London SE Group (-3.2 per cent) and Brazil’s BOVESPA (-1.3 per cent), it appears that Indian firms are still upbeat about their chances on the Indian bourses.
There has been a sharp decline in the value of shares traded in stock markets worldwide during the January-June 2012 period with the exception of Saudi Arabia, the Philippines, Ireland and Brazil.
The NYSE, NASDAQ, Hong Kong Exchange, Korea Exchange, London SE Group and Deutsche Borse have seen the value of share trading plummet by 9.5 per cent to 25.8 per cent during the first half of 2012.
> arvind.jayaram@thehindu.co.in
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