Amid Asia's post-crisis boom it was the tiddlers among the region's stock markets that surged ahead in 2010, fuelled by a flood of easy money into emerging economies.
Among the bigger bourses Hong Kong was the standout thanks to some of the world's biggest listings.
But the past 12 months belonged to previously overlooked markets such as Colombo, Bangkok and Manila, with Mumbai also sprinting ahead.
Sri Lanka's stock index, enjoying in a post-civil war peace dividend, soared 96 percent, making it the second best performer in the world after hard-to-access Mongolia's national bourse, according to the Colombo exchange.
Snapping at Sri Lanka's heels was Bangladesh (up 80 percent for the year), Indonesia (46 percent), the Philippines (up 38 percent), Malaysia (19 percent), Thailand (up more than 40 percent) and South Korea (up nearly 22 percent).
In each case local factors played a role - disturbances near Bangladesh's stock exchange in which bricks were hurled and furniture was set on fire demonstrated how local sentiment can affect that market.
But a decisive factor was foreign cash flowing into the strengthening emerging markets as investors in the West, where interest rates are at record lows, sought out better returns for their money. The United States' decision to effectively print more cash with its quantitative easing also helped, weakening the dollar and pushing investors into strengthening Asian currencies. AFP
source - www.dailynews.lk
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