In this article, we will look into the 30 largest stock exchanges in the world. If you want to skip our detailed analysis you can go directly to the 10 Largest Stock Exchanges in the World.
Global Stock Market Outlook 2024 and Top Performers
According to the April issue of the World Federation of Exchanges (WFE), the global stock market valuation, defined as the market cap of all listed companies across the globe, reached $111.85 trillion in February 2024, recording a moderate growth of 1.48%. As of February 2024, there are 54,625 total domestic and foreign listed companies in the global stock market. In February, trading activity showed strong growth, with the number of trades reaching over 4.34 trillion.
On April 1, Forbes reported that the US stock market experienced a strong first quarter in 2024. In March, the S&P 500 recorded total returns of 3.2%, driven by the positive outlook of the economy. The Dow Jones Industrial Average grew by 6.1% and NASDAQ grew by over 9.3% in the first quarter of 2024. Sectors including technology, consumer cyclical, and consumer defensive fueled the market growth in the first quarter, generating total returns of over 8% or more, each.
Among the best-performing S&P 500 stocks for the quarter, the leading AI server manufacturing company, Super Micro Computer, Inc. (NASDAQ:SMCI) exhibited strong performance and led the market by a substantial margin, recording a 255% year-to-date increase. Super Micro Computer, Inc. (NASDAQ:SMCI) has recorded a noteworthy return of 502% since the start of 2023. Another leading company manufacturing AI chips, NVIDIA Corporation (NASDAQ:NVDA) has maintained its strong growth in 2024 so far, after being the top-performing S&P 500 stock of 2023. The company’s market cap reached $2.29 trillion in the first quarter of 2024. This can be attributed to a year-to-date surge of 82% and a 321% increase since the beginning of 2023 in NVIDIA Corporation’s (NASDAQ:NVDA) shares. Super Micro Computer, Inc. (NASDAQ:SMCI) and NVIDIA Corporation (NASDAQ:NVDA) are also among the 10 unstoppable tech stocks to buy now.
NVIDIA Corporation (NASDAQ:NVDA) is making huge moves in AI and investors and analysts are bullish on the stock. Over the past 3 months, the stock has received 39 Buy ratings from Wall Street analysts. Its average price target of $989.5 represents an upside of 15% from current levels. As of April 5, the stock has returned over 215% over the past 12 months. Here is what Palm Valley Capital Fund said about NVIDIA Corporation (NASDAQ:NVDA) in its first quarter 2024 investor letter:
“Such beguiling prognostications are indigenous to Wall Street—the biggest showcase of them all. The ferocious march higher of NVIDIA Corporation (NASDAQ:NVDA)’s stock on expectations of its continued dominance in artificial intelligence (AI) chips might even confound the galley slavedriver in Ben-Hur. Ramming speed!
Nvidia’s share price seems to imply the firm will soon control nearly the entire global semiconductor market (over half a trillion in sales vs. Nvidia’s current $60 billion) while maintaining an operating margin of 54%—unprecedented for a hardware company. Leading hardware firms rarely retain their supremacy forever: IBM, Hewlett Packard, Digital Equipment Corporation, Intel, and Cisco all fell from their storied perches…”
Analysts are also bullish on Super Micro Computer, Inc. (NASDAQ:SMCI). On March 25, Northland Capital Markets analyst Nehal Chokshi raised the price target on Super Micro Computer, Inc. (NASDAQ:SMCI) to $1,300 from $925 and maintained an Outperform rating. Over the past 3 months, the stock has received 7 Buy ratings from Wall Street analysts. Here is what ClearBridge Investments had to say about Super Micro Computer, Inc. (NASDAQ:SMCI) in its first quarter 2024 investor letter:
“While large cap benchmarks get a lot of attention for a handful of mega cap stocks driving the lion’s share of performance, we would highlight even more extreme and unprecedented concentration in small cap benchmarks. Year to date, one stock, Super Micro Computer, Inc.(NASDAQ:SMCI) has driven 37% of the return of the benchmark.
Currently, SMCI is the largest constituent by weight in our benchmark, and it peaked at over 4.5%, representing the largest individual security weight in a monthly dataset going back to 1985. That represented a weighting 83% higher than the second-largest weight (from 1999). Moreover, MicroStrategy at its peak this past quarter would have represented the fourth-largest security in the 38 years of the monthly dataset. We are hard-pressed to recall another instance where the largest constituent of our benchmark was also added to the S&P 500, as SMCI was this March. We would note that SMCI currently is a $61 billion market capitalization company and MicroStrategy boasts a market capitalization of $28 billion, both well above the $6.8 billion weighted average market cap of the Strategy.
Enthusiasm for AI and bitcoin have fueled this atypical concentration and performance distortion. Bitcoin rallied fast and furiously following the SEC’s approval of the first bitcoin ETF in early January, while the AI infrastructure build-out has had a narrow set of beneficiaries. Against this backdrop, the ClearBridge Small Cap Growth Strategy underperformed its benchmark. We are disappointed by this result, although 79% of the relative underperformance was due to not owning these two large benchmark holdings, which have fundamental and governance factors that have caused us, as long-term investors focused on quality sustainable growth stories, to avoid them.”
You can also look at the 10 AI Stocks That Will Skyrocket and 11 Stocks That Will Profit From AI Evolution.
European Stocks Tumble After Strong Q1
On April 5, Reuters reported that the European market witnessed a significant decline after a strong first quarter, amid hawkish comments from a US Federal Reserve official, reversing the bullish sentiment that led to gains in the first quarter of 2024.
On April 4, Minneapolis Fed President, Neel Kashkari appeared at a virtual LinkedIn event where he was asked about the expected rate cuts in 2024. The Federal Reserve official expressed his shock over the economy’s resilience despite the rising interest rates. He further added that with significant growth in the job market, GDP, and consumer spending, we might not need to cut rates. He said:
“Maybe the dynamics that we have right now are actually sustainable. But, you know, there are a lot of ifs underlying that question and that hypothesis or that scenario that I just articulated. So we need to see what ultimately happens with both the labor market and with inflation. Our dual mandate ultimately is what drives our rate path.”
The idea floated by the Fed official doused hopes for interest rate cuts and led to the stumbling of European stocks on April 5. The STOXX Europe 600 (.STOXX) declined 1.2% and reached its lowest since mid-October 2023. Benchmark indices across the major European countries including DAX Performance Index, FTSE MIB Index (.FTMIB), and IBEX 35 (.IBEX), declined by over 1% each.
The drop can also be attributed to the ongoing Middle East crisis. The increase in Brent crude prices and the suspicions regarding supply disruption, led to a 1.8% drop in the travel and leisure stocks, the STOXX 600 Travel & Leisure PR Index (.SXTP), followed by a decline of around 1% and more in other indices and stocks.
Increased Foreign Capital and Investments in Asian Stocks
The impact of the Fed official’s remarks about no rate cuts, led to major declines in the Asian stock market. However, the first quarter of 2024 presented a great outlook for the stock market in the region. On April 5, Reuters reported that Asian stocks surged in March, driven by the increased traction from foreign investors. The quarter was recorded as the best for foreign investments over the past three years, fueled by expectations of relaxed monetary policies and economic growth in the region, specifically China. According to the stock exchange data across India, South Korea, Indonesia, Taiwan, Philippines, Thailand, and Vietnam, foreign investors bought a total of $8.53 billion of regional equities in March. The total inflow for the quarter reached $18.57 billion, recording the highest investments since December 2020.
Now that we have discussed the stock market outlook for 2024 and talked about the major markets, let’s have a look at the 30 largest stock exchanges in the world.
Photo by Pascal Bernardon on Unsplash
Methodology
To compile our list of the 30 largest stock exchanges in the world, we utilized the World Federation of Exchanges (WFE) market statistics for stock exchanges. We began our research by looking at the 2022 annual market statistics data to determine the major stock exchanges in the world. This provided us with a list of 87 stock exchanges. We then shortlisted the top stock exchanges based on the 2022 filing’s data. After that, we sourced the latest market capitalization of the shortlisted exchanges from WFE. Our list ranks the 30 largest stock exchanges in the world in ascending order of their domestic market capitalization of listed companies, as of February 2024.
Please note that for the London Stock Exchange, the latest available market capitalization data was for September 2023, and therefore we have cited that.
30 Largest Stock Exchanges in the World
30. Iran Fara Bourse Securities Exchange
Market Capitalization as of February 2024: $323.14 billion
Market Identifier Code: IFBX
Iran Fara Bourse Securities Exchange is ranked among the largest stock exchanges in the world. It is headquartered in Tehran, and is the largest debt market and the second largest stock market in Iran. As of February 2024, the stock exchange has a market capitalization of $323.14 billion. The total number of listed companies on the exchange reached 195 in February 2024, recording an over 12% increase from February 2023.
29. Bursa Malaysia
Market Capitalization as of February 2024: $384.85 billion
Market Identifier Code: XKLS
Bursa Malaysia is an exchange holding company in Malaysia that owns the Bursa Malaysia Stock Exchange, previously known as the Kuala Lumpur Stock Exchange. It was incorporated in 1976 and is one of the largest bourses in the ASEAN region. It operates a multi-asset exchange, providing a wide range of capital raising, investment, and exchange facilities. It tracks 13 key indices such as consumer products, financial services, and technology, among others. Some of the most active stocks listed on the Bursa Malaysia exchange include Velesto Energy Bhd (KLSE:VELESTO), Dagang Nexchange Bhd (KLSE:DNEX), and RGB International Bhd (KLSE:RGB).
28. Borsa Istanbul
Market Capitalization as of February 2024: $398.01 billion
Market Identifier Code: XIST
Incorporated in Istanbul, Borsa Istanbul is the sole stock exchange in Istanbul, regulated by the Capital Markets Board of Turkiye. It has 522 domestic and foreign listed companies, as of February 2024. Koc Holding AS (IST:KCHOL), Qnb Finansbank AS (IST:QNBFB), and Turkiye Petrol Rafinerileri AS (IST:TUPRS) are some of the prominent stocks in the market. The stock exchange has a market valuation of $398.01 billion, as of February 2024.
27. The Stock Exchange of Thailand
Market Capitalization as of February 2024: $483.21 billion
Market Identifier Code: XBKK
The Stock Exchange of Thailand began trading in 1975. It was the second established capital market in Thailand after Bangkok Stock Exchange Co., Ltd., which ceased operations in 1970. As of April 5, the stock exchange has a total traded volume of 384,054,000 shares. The stock conducts two trading sessions within its trading hours of 9:30 AM to 5:00 PM. As of February 2024, the stock exchange has a market cap of $483.21 billion.
26. Bolsa Mexicana de Valores
Market Capitalization as of February 2024: $554.25 billion
Market Identifier Code: XMEX
Bolsa Mexicana de Valores is the Mexcian stock exchange, operated by the company BMV Grupo which operates OTC markets for multiple assets such as equities, ETFs, and fixed income, among others. As of February 2024, the stock exchange has a combined domestic market capitalization of $554.25 billion. There are 136 domestic and foreign companies listed on Bolsa Mexicana de Valores. It is one of the largest stock exchanges in the world.
25. Singapore Exchange
Market Capitalization as of February 2024: $570.26 billion
Market Identifier Code: XSES
Singapore Exchange is one of the largest stock exchanges in Asia. It is the most international multi-asset exchange in the region, with nearly 40% foreign stock and over 80% foreign bonds listed on it. As of February 2024, the stock has 625 total listed companies, with 217 foreign companies. Some of the biggest companies in Singapore include DBS Group Holdings Ltd (SGX:D05), Singapore Telecommunications Ltd (SGX:275), and Singapore Technologies Engineering Ltd (SGX:S63), among others.
24. Moscow Exchange
Market Capitalization as of February 2024: $671.58 billion
Market Identifier Code: XMOS
Moscow Exchange is the largest securities exchange group in Russia, regulated by the Central Bank of Russia The exchange was founded in December 2011 and went public in 2013. Its securities market is open from 9:50 AM to 11:50 PM (Moscow Standard Time). As of February 2024, the exchange has a combined domestic market capitalization of $671.58 billion.
23. BME Spanish Exchanges
Market Capitalization as of February 2024: $738.36 billion
Market Identifier Code: BMEX
BME Spanish Exchanges are the leading stock exchanges in Spain, operated by Bolsas y Mercados Españoles. These exchanges are based in Bilbo, Barcelona, Madrid, and Valencia. As of February 2024, the exchange has 800 listed companies. Some of the biggest Spanish companies include Iberdrola, S.A. (BME:IBE), Banco Santander, S.A. (BME:SAN), and Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA). As of February 2024, the BME Spanish Exchanges have a market cap of $738.36 billion.
22. Indonesia Stock Exchange
Market Capitalization as of February 2024: $740.21 billion
Market Identifier Code: XIDX
Located in Jakarta, Indonesia Stock Exchange is a self regulatory organization, operated by the Indonesia Financial Services Authority. It has 920 total listed companies, as of February 2024. The trading hours of the exchange are from 8:45 AM to 04:15 PM (Indonesia Standard Time). As of February 2024, the exchange has a market valuation of $740.21 billion.
21. Abu Dhabi Securities Exchange
Market Capitalization as of February 2024: $775.35 billion
Market Identifier Code: XADS
Abu Dhabi Securities Exchange is ranked 21st on our list of the largest stock exchanges in the world. Established in November 2000, the exchange has a total of 100 domestic and foreign listed companies, as of February 2024. The stock exchange has a market capitalization of $775.35 billion.
20. Johannesburg Stock Exchange
Market Capitalization as of February 2024: $917.70 billion
Market Identifier Code: XJSE
Johannesburg Stock Exchange is the stock exchange of South Africa, based in Johannesburg. It is the biggest stock market in the continent and has a market capitalization of $917.70 billion, as of February 2024. Some of the leading companies listed on the exchange include FirstRand Ltd (JSE:FSR), Naspers Ltd (JSE:NPN), and Gold Fields Limited (JSE:GFI).
19. B3 – Brasil Bolsa Balcão
Market Capitalization as of February 2024: $977.21 billion
Market Identifier Code: BVMF
B3 – Brasil Bolsa Balcão is ranked 19th on our list. It is a Brazilian stock exchange, based in Sao Paulo. The stocks listed on the exchange are tracked by indices including Ibovespa, IBrX, and Itag, among others. It operates as an exchange and a fixed income and equities depository. As of February 2024, it has a market cap of $977.21 billion.
18. Tehran Stock Exchange
Market Capitalization as of February 2024: $1.60 trillion
Market Identifier Code: XTEH
The largest exchange in Iran, Tehran Stock Exchange is also one of the biggest stock exchanges in the world. There are 387 domestic companies listed on the exchange, as of February 2024. The domestic market capitalization of the exchange is $1.60 trillion.
17. ASX Australian Securities Exchange
Market Capitalization as of February 2024: $1.63 trillion
Market Identifier Code: XASX
ASX Australian Securities Exchange, operated by the stock exchange company ASX Limited (ASX:ASX), is the primary securities exchange in Australia. As of February 2024, the exchange has over 1,900 domestic and 142 foreign listed companies. Headquartered in Sydney, ASX Australian Securities Exchange has a market cap of $1.63 trillion.
16. Taiwan Stock Exchange
Market Capitalization as of February 2024: $1.91 trillion
Market Identifier Code: XTAI
Based in Taipei, the Taiwan Stock Exchange or TWSE is the stock exchange of Taiwan and operates with the market code, XTAI. The trading hours of its centralized market are 9:00 AM to 5:00 PM CST. The stock exchange has a market cap of $1.91 trillion, as of February 2024. The major stocks listed on the Taiwan Stock Exchange include Taiwan Semiconductor Manufacturing Co Ltd (TPE:2330), MediaTek Inc (TPE: 2454), and Quanta Computer Inc (TPE:2382).
15. Korea Exchange
Market Capitalization as of February 2024: $1.91 trillion
Market Identifier Code: XKRX
Korea Exchange, commonly known as KRX is the primary stock exchange of South Korea. The exchange has been contributing to the country’s economy since its establishment in 1956. As of February 2024, it has a market cap of $1.91 trillion and has 2,570 listed companies.
14. SIX Swiss Exchange
Market Capitalization as of February 2024: $1.99 trillion
Market Identifier Code: XSWX
The SIX Swiss Exchange is the principal stock exchange of Switzerland, headquartered in Zurich. It is one of the biggest stock markets in Europe. As of February 2024, there are 222 domestic companies listed on the stock exchange. It is ranked 14th on our list.
13. Nasdaq Nordic and Baltic
Market Capitalization as of February 2024: $2.14 trillion
Market Identifier Code: XCSE, XHEL, XICE, XLIT, XRIS, XSTO, XTAL
Nasdaq Nordic and Baltic is a subsidiary of the leading stock exchange company, Nasdaq. It is a joint European exchange, operating markets of seven exchanges including, Copenhagen, Finland, Helsinki, Iceland, Riga, Talin, and Vilnius. The exchange has a domestic market capitalization of $2.14 trillion, as of February 2024.
12. Deutsche Boerse AG
Market Capitalization as of February 2024: $2.22 trillion
Market Identifier Code: XFRA
Deutsche Boerse AG is the leading stock exchange company, operating the Frankfurt Stock Exchange, along with a clearing house. It is one of the oldest and largest stock exchanges in the world. Some of the most valuable German companies listed on the exchange include Infineon Technologies AG (FRA:IFX), SAP SE (FRA:SAP), and Siemens AG (FRA:SIE). It is ranked 12th on our list.
11. Saudi Stock Exchange (Tadawul)
Market Capitalization as of February 2024: $2.99 trillion
Market Identifier Code: XSAU
The Saudi Stock Exchange or Tadawul is ranked 11th on our list of the largest stock exchanges in the world. It is the only stock exchange in Saudi Arabia, with 315 listed companies, as of February 2024. The stock exchange has a domestic market capitalization of $2.99 trillion.
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Disclosure: None. 30 Largest Stock Exchanges in the World is originally published on Insider Monkey.