China-focused exchange-traded funds were on pace for their best day on record after a state-owned newspaper urged investors to purchase equities, saying, according to a translation, that a"healthy bull market" is good for the world's second-largest economy, attempting to shake off the economic effects of the COVID-19 pandemic. The largest China ETF, the iShares MSCI China ETF [S: MCHI], was up 6.8% at midday, its best performance in its nine-year history.
1% higher, and the Xtrackers Harvest CSI 300 China fund ASHR, +10.98% soared 10.6%, also an all-time high, back to 2013. Some funds that focus on particular sectors of the economy did even better: the Global X MSCI China Information Technology CHIK, +11.75% was nearly 12% higher. In the year to date, the iShares fund and the SPDR fund have both gained a little less than 14%, while the Xtrackers product is up 16.4%, compared to a 2% decline for the S&P 500 SPX, +1.21%.
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