I think we dont need to have a stock market? No banifits to any one at all
I have previously heard similar sentiments from two types of people.
a) those who have been actively involved in the stock market for a long period of time, and through their experience they have realized this.
b ) those who won't get involved in the market, but are intelligent enough to understand this, just looking at the market mechanism.
However , you have to appreciate that the markets in general, performs a special function. IT facilitates the meeting of large number of buyers and sellers and allow them to reach an equilibrium price(s) , thereby reducing the intermediary cost.
The specific function of the stock market is to facilitate the accumulation of capital needed for creation of value through investments in production activities. Though there are other institutions / mechanisms( banks, finance houses...) for enable businesses to raise capital , Stock markets are the most sophisticated , efficient and developed organization , in these categories. The increase of capital accumulation , and thereby investments will lead to creation of value , however the distribution of value addition among the constituent members , is uneven in a capitalist economic system. This again varies from country to country. Compare economic development, income distribution, living standards of countries / regions - Scandinavian countries, Europe, US , china , India ...Sri lanka.
I also tend to agree with you, even though a minority benefits through the accumulation of capital ,investments, economic growth through stock market mechanism.