China Investors’ ‘FOMO’ Sets Up Stocks for Best Week Since 2008

-- Chinese stocks’ rally stretched further on Friday, poised to mark their best week since the global financial crisis, on optimism over the government’s stimulus measures.The CSI 300 Index rose as much as 3.8% on Friday, making the week’s 15% gain so far the most since 2008. Meanwhile, a gauge of Chinese stocks in Hong Kong climbed 3.7%, notching up its longest winning streak since 2018. The ChiNext index, a tech-heavy gauge, rose a record 9.3%.

With China’s markets closed next week for the Golden Week holidays, domestic investors may be worried that the rally could continue in Hong Kong while they’re away, David Chao, a strategist at Invesco Asset Management, said. This seems like a “reversal rather than a rebound and we can expect fiscal measures as well to come,” said Raymond Chen, a fund manager at ZiZhou Investment Asset Management. “This is for sure leaving many cynics behind.”

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