新闻来源：www.bloomberg.com
原文地址：India Eclipsing China in MSCI Global Stock Gauges to Drive Flows
新闻日期：2024-09-19
印度在某些MSCI指数中的超越表现可能会吸引更多外资流入，进一步推动印度股市的表现。根据摩根斯坦利9月17日发布的一份报告，印度目前的MSCI AC世界IMI权重为2.35%，而中国的权重为2.24%。这使印度股市成为全球第六大市场，仅次于法国。
印度此前已在MSCI新兴市场投资可行市场指数中超越中国，摩根斯坦利报告表明。这一里程碑也反映了投资者对印度可能成为全球经济新引擎的信心，尤其是在中国面临缺乏强劲刺激措施和持续通缩压力的情况下。今年初以来，外资对中国股市的持股减少，他们即将进行自2023年6月以来最大的买入。
“印度在MSCI指数中超越中国的现象显示了投资者正寻找新的新兴市场增长动力，”布隆伯格智能策略师说，“去年以来，流入印度市场的外国资金持续强劲，权重变化也反映了这一趋势。”
印度的5万亿股市今年不断刷新纪录高位，因为全球投资者在大选的政治波动消退后转向印度。相比之下，中国在主要全球基准指数中的权重已有所下降，其CSI 300指数目前接近五年来的低位。
值得一提的是，尽管IMI指标涵盖了更多样化的公司包括中小企业，但这些指标还不是全球投资者最常用的标准，他们更倾向于仅包含大型和中型股票的衡量工具。摩根斯坦利策略师认为，“印度将因市场表现优异、新股发行增加以及流动性的提升而继续获得市场份额。我们仍然看好印度，并在亚洲新兴市场的资产配置中偏好于印度而非中国。”
原文摘要：
India’s overtaking of China in some global gauges will likely usher in a bigger influx of foreign flows, giving equities in the South Asian country another boost.India has overtaken China in the MSCI AC World IMI with a 2.35% weighting compared to a 2.24% for the latter, according to a Morgan Stanley report dated Sept. 17. That makes the South Asian market the sixth largest globally, narrowly behind France.Earlier this month, India surpassed China to become the biggest market in the MSCI Emerging Markets Investable Market Index, according to Morgan Stanley’s .The milestone underscores investors’ rising faith that India may be the new engine of global economic growth as China falters amid a lack of strong stimulus and persistent deflationary pressures. Foreigners, whose holdings in Indian stocks periodically fell this year, are set for their biggest purchases since June 2023.“India’s overtaking of China in some of MSCI indices represents an ongoing rotation as investors shift to new EM growth engines,” said , a strategist at Bloomberg Intelligence. “Foreign inflows to India have been strong over the past year, and the weighting change is a reflection of that.”India’s $5 trillion stock market has been hitting multiple fresh highs this year as global investors after political headwinds from the elections dissipated. By comparison, China’s weighting in global benchmarks has shrunk over the past few years. The CSI 300 is hovering near a five-year low.To be sure, India has yet to displace China in the more widely-tracked MSCI World Index and the MSCI Emerging Markets Index. While IMI gauges include a wider range of companies including smaller firms, they are not the most widely used by global investors, who still prefer measures carrying only large and midcap stocks.“We think India will continue to gain share due to market outperformance, new issuance and liquidity improvements,” Morgan Stanley strategists including wrote in the note on Tuesday. “We remain overweight India and underweight China in our pan-Asia EM asset allocation.”
