Ｃｈｉｎａ’ｓ　Ｓｔｏｃｋ　Ｍａｒｋｅｔ：Ｎｅｗ　Ｙｅａｒ，　Ｎｅｗ　Ｔｒｅｎｄｓ

Ａｕｄｒｅｙ　Ｇｕｏ

On February 5th, the last trad-ing day in the Year of the Pig,continued the falling trend inChinas A-share market, andlarge companies like PetroChina liftedrestrictions on sales of large volumeheavyweight shares. The Shanghai Stockindex dropped by 1.55 percent, whichcompletely broke people's belief in thestock market as China moved into theNew Year. In the past, the market wouldusually see a large increase on the firsttrading day after a long holiday; how-ever, the H-shares suffered a 4.11 percentdecrease on February llth, the first dayafter the Spring Festival vacation, whichwas the first “opened and closed in red”in the last twelve years. The Shanghaiand Shenzhen stock exchanges have long-expected a good opening, which meansthat they didnt welcome the black dayafter the Spring Festival, the third badopening in recent years, adding to theBlack Mondays from 2001 and 2003.