Most global stock markets remain closed today on New Year's Eve after posting their best annual gain since 2013.
China's benchmark Shanghai Composite index surged 6.6 percent in 2017 on expectations for stable economic growth in 2018, while Hong Kong's Hang Seng index soared as much as 36 percent to post its biggest annual percentage gain since 2009 on the back of strong money inflows from mainland China.
Japan's Nikkei index jumped 19 percent for the year to reach its highest level in 26 years as the corporate earnings outlook improved and an overwhelming victory for Prime Minister Shinzo Abe's ruling Liberal Democratic Party in October's general election helped infuse further optimism in the economy.
South Korea's Kospi average climbed nearly 22 percent during the year as a pick-up in earnings growth as a result of improvements in global economic outlook outweighed renewed geopolitical uncertainty posed by North Korea's missile launches.
Australia's S&P/ASX 200 jumped 7.1 percent in 2017 to post its second straight annual rise, helped by strong commodity prices, while New Zealand's benchmark index NZX-50 ended the year with a 22 percent gain.
India's Sensex clocked its best performance in recent years to jump 27.91 percent in 2017 despite sluggish corporate earnings and short-term disruptions caused by the implementation of the GST.
Among the worst performers, Pakistan's KSE100 Index fell more than 15 percent during 2017 versus last 10-year average return of 24 percent.
Major European indexes rose between 7.6 percent and 12.5 percent to notch their fifth rise in the past six years, while across the Atlantic, the closely-watched Dow Jones industrial average ended 2017 up a staggering 25.1 percent, the tech-heavy Nasdaq jumped 28.2 percent and the S&P 500 advanced 19.4 percent.
Commodity markets also boomed last year as 2017 ended a four-year commodities crash supported by a favorable global economic backdrop.
by RTT Staff Writer
For comments and feedback: editorial@rttnews.com