Global Stock Market Capitalization Hits Record High... Up 9% This Month on Vaccine and Election Rally
South Korea's Market Capitalization Growth Rate Ranks 28th Among 86 Countries
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[Asia Economy Reporter Eunmo Koo] Following the conclusion of the U.S. presidential election and the positive clinical trial news of the novel coronavirus disease (COVID-19) vaccine being developed by Pfizer, the global stock markets' market capitalization is reaching new record highs.
According to Bloomberg's aggregation of market capitalizations from 86 countries on the 15th, as of the 12th, the total global stock market capitalization was $95.4162 trillion (approximately 10,639 trillion KRW), marking a 9.2% increase compared to the end of October.
The global stock market capitalization peaked at $92.805 trillion on October 13 but then stalled due to the resurgence of COVID-19, dropping to $87.418 trillion by the end of October. However, this month, following the victory of Democratic candidate Joe Biden in the U.S. presidential election and the announcement of interim results from Pfizer's COVID-19 vaccine clinical trials on the 9th, the market capitalization trend reversed to an upward trajectory.
On the day Pfizer's announcement was made, the Dow Jones Industrial Average in the New York Stock Exchange surged over 1,600 points intraday to reach a new intraday high of 29,933.83. Major European stock indices rose between 4% and 7%.
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Looking at the market capitalization growth rates this month, European countries such as Hungary (23.4%), Spain (20.2%), Poland (19.8%), Turkey (19.4%), France (18.1%), Belgium (18.1%), and Ireland (17.1%) are leading. South Korea's market capitalization increased by 11.0% to $1.7537 trillion, ranking 28th in growth rate among the 86 countries, while the U.S. market capitalization rose 9.4% to $39.3734 trillion. Other major Asian markets saw increases as well, with China at 5.1%, Hong Kong at 6.0%, and Japan at 7.9%.
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