Courtesy of The Financial Times, a report on the continued rise of Mongolia’s stock market:

“…Mongolian equities were the world’s best performing last year, gaining an eye-watering 140 per cent in dollar terms. It is, it seems, the place to buy into China’s booming demand for commodities – mainly coal – and has investment bankers literally slugging it out for a piece of the business.

If 2010 was the year when equities on the exchange in Ulan Bator, the capital, skyrocketed, then 2011 looks like the year they went into orbit.

Here’s what the MSE20 (read Leslie Hook’s account of the Mongolian boom here) has done since the start of 2010 (FYI: it’s up 370 per cent). This year it’s already up over 100 per cent again, and almost 300 per cent in local currency. You have to wonder whether, with Mongolia’s citizens entitled to share of any state-owned assets listed on the exchange, the country’s 2.7m people may one day enjoy GDP per capita akin to Abu Dhabi or Qatar.