Some Chinese stocks are even hotter than FANG.
As much as U.S. technology stocks have climbed this year, their counterpart Chinese stocks have surged far more. Investors have been drawn to the world’s second-largest economy.
Among the big Chinese stocks traded in the U.S., messaging app Momo, e-commerce site JD.com and its bigger rival Alibaba have each gained nearly 80 percent or more this year. This is far more than Facebook. FB is up 49 percent as the best-performing of the U.S. FANG stocks.
FANG refers to Facebook, Amazon.com, Netflix and Google parent Alphabet. This group of stocks has surged dramatically. They have dominated the U.S. stock market’s gains. This year, U.S. tech stocks overall remain market leaders. They are up 23 percent as the best-performing sector in the S&P 500.
However, the MSCI China Information Technology Index has more than doubled that performance. They have soared 56 percent this year in terms of Chinese yuan.
“The big takeaway here is China’s a rising, affluent economy.” “We’re seeing a complete rise of the consumer based on e-commerce.”