The Direxion Daily FTSE China Bull 3X Shares (YINN), a leveraged exchange-traded fund (ETF) that aims to provide 3x daily exposure to the FTSE China 50 Index, surged 12.02% in pre-market trading on Thursday, October 4th, 2024. This significant pre-market gain came as Chinese stocks and ETFs continued their remarkable rally amid fresh buying interest.
Over the past week, Chinese tech stocks and ETFs have been on a tear, with the Hang Seng Tech Index, which tracks 30 Chinese tech companies listed in Hong Kong, soaring more than 45% in less than four weeks. This rally was sparked by the Chinese government's announcement of measures to stimulate the country's troubled domestic economy.
According to analysts, the sharp rally in Chinese American Depositary Receipts (ADRs) has been mostly the result of fresh buying rather than short covering. Major companies like Alibaba, JD.com, and Meituan have seen some of their best trading days in years as investors have swept up in a buying spree, betting on the potential positive impact of the government's stimulus efforts.
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