Despite the highs recorded this year by European and US stock markets, the country with the most profitable stock market in 2021 is far from the West.
In accordance with Bloomberg, the MSE Top 20 index, which represents the main players on the Mongolian stock exchange, the only one in the Asian country, this year registered a growth of almost 130 %, far exceeding any other index followed by the US media.
On September 10, the index reached its maximum level, reaching 49,252 points, before dropping slightly to 42,143 points this Friday.
“The Mongolian stock market has significant growth potential because is growing from a very small base“said Bilguun Ankhbayar, vice president of development for Canadian company Erdene Resource Development.
However, according to Bloomberg, the rapid growth of the Mongolian stock market is reminiscent of meme-inspired cryptocurrencies that soared in recent months, so it could be just as unstable.
Still, the resource-rich country appears to have a solid source of growth amid rising supplies to China, one of the main reasons for the growth of the economy. 6,3 % that recorded the Mongolian economy this year, according to experts.