The South Korean Kospi index has lost its position as the world's top stock market and has been surpassed by Nigeria.

With the market sentiment towards artificial intelligence stocks cooling down, Asian countries' previous leading market trends have been pushed into bear market territory, Nigeria's stock market has provided investors with the highest USD-denominated returns this year, surpassing South Korea. According to data from 92 global stock exchanges tracked by Bloomberg, Nigeria, as Africa's largest oil-producing country, saw its benchmark index rise by 68% in USD terms this year, exceeding the 66% increase in South Korea's Kospi index. The rise in Nigeria's stock market was mainly led by financial services companies, with the Naira appreciating by 4% since January. In addition, S&P Dow Jones Indices is considering upgrading Nigeria to frontier market status, which may further increase its attractiveness to investors.