Mcap of 50 leading companies in Asia Pacific declined by more than $185 billion

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Mumbai: The 50 leading companies in Asia Pacific have reported a cumulative decline of $185 billion in their market capitalization in the September quarter of the calendar year 2023. This information comes from a recent report by London-based analytics and consulting company GlobalData.

The sharp drop in market capitalization on a quarterly basis is due to a weakening of the Chinese economy and a decline in exports from the region due to uncertain global economic conditions, the report said.

GlobalData Analyst (Business Fundamentals) said that 27 of the 50 leading companies reported a quarter-on-quarter decline in their market capitalization ranging from $4 trillion to $3.7 trillion during the quarter.

China's weak economic conditions, sluggish domestic property market and weakness in external demand had a negative impact on business confidence. Asia Pacific region Weak global demand, expensive funds, fears of escalation of war, stagnant or uncontrolled inflation and rising crude oil prices may prove adverse in the near future.

Financial services and technology companies topped the list. Of the 50 leading companies, 16 were from the financial services sector, while 13 were from the technology sector. Geographically, 23 companies are from China, 10 from Japan and 9 from India.

Among Indian companies, Reliance Industries (8 percent), Hindustan Unilever (7.9 percent) and ITC (1.3 percent) reported declines in their market cap during the quarter. On the other hand, TCS, Infosys, Bharti Airtel, SBI, ICICI Bank reported an increase in their market cap in the September quarter. Shares of Infosys and TCS continue to fluctuate due to declining growth estimates posted by them.

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