The Direxion Daily FTSE China Bull 3X Shares ETF (YINN) plummeted 12.64% in pre-market trading on Wednesday, October 3rd, 2024, as investors took profits following a multi-day surge in Chinese stocks.
YINN, a leveraged ETF that delivers triple the daily returns of the FTSE China 50 Index, had experienced consecutive rallies in recent sessions amid optimism over easing U.S.-China tensions. However, lingering geopolitical and economic uncertainties prompted many traders to cash out on their recent gains.
The sharp sell-off in YINN spilled over to other major Chinese stocks and American Depository Receipts (ADRs). E-commerce giants Alibaba and PDD Holdings saw declines of 1.7% and 3.7% respectively, while video streaming platforms Bilibili and iQiyi each dropped over 4%. Electric vehicle makers XPeng, Baidu, and NIO also fell more than 2% in pre-market trading.
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