The Direxion Daily FTSE China Bull 3X Shares (YINN), an exchange-traded fund (ETF) that provides leveraged exposure to Chinese stocks, suffered a massive pre-market plunge of 31.53% on Monday, October 8th, 2024.
The sharp decline in YINN came as the euphoria surrounding China's recent stock market rally faded, with investors questioning Beijing's commitment to implementing substantial economic stimulus measures.
After surging nearly 11% in the opening minutes of trading on Monday, China's benchmark CSI 300 Index pared gains and closed the day up just 5.1%. The cooldown in sentiment followed a press briefing by officials from China's top economic planner, the National Development and Reform Commission (NDRC), where they fell short of announcing any significant new stimulus policies.
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